Ramona Real Estate Fraudster Gets 15 Months Behind Bars

0 Real Estate The judge said Teresa Rose was responsible for about $3.1 million in a fraud that ended with at least nine Ramona properties foreclosed. Steven Bartholow , Patch Staff Posted | Updated Reply A Ramona real estate agent who pleaded guilty to being part of a $15 million mortgage fraud scheme that had a negative affect on the Ramona real estate market was sentenced to 15 months behind bars on Friday. Ramona real estate agent Teresa Rose, an unlicensed mortgage loan broker and her assistant all pleaded guilty to participating in a mortgage fraud scheme that generated almost $15 million in illegal kickbacks. The judge said Rose was responsible for about $3.1 million of the fraud that ended with at least nine Ramona properties foreclosed. According to Judge John Houston, nine Ramona properties were affected in this case, all of them ultimately ending up in foreclosure and abandoned. He said that Rose was implicated in 12 other similar fraudulent transactions that are not tied to this case. No victims of the fraud spoke at the hearing, but a group of Ramona real estate agents that felt the scheme had a negative affect on the overall Ramona real estate market were in attendance. “Several Ramona real estate agents dismayed… Read full this story

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