A Vallejo-based mortgage rescue scheme has been exposed, with two men convicted of causing over $27 million in damages.
Zalathiel Aguila, 42, and Omar Anabo, 53, both of Vallejo, pleaded guilty to conspiracy to make false statements on loan applications. The defendants, along with their company Capital Access LLC, targeted homeowners facing foreclosure with their ‘Keep Your Home’ program.
The scammers convinced homeowners to sign over title to their homes, which were then sold to straw buyers. The straw buyers obtained loans under fraudulent pretenses, claiming they intended to occupy the homes as primary residences and that no part of the down payment was borrowed.
In reality, Capital Access provided the down payment amounts, and the straw buyers never intended to live in the properties. The defendants stripped the equity from the homes and used it to pay the operating expenses of Capital Access, additional fraudulent home purchases, monthly housing payments, and personal expenses.
The scheme caused the fraudulent sale of at least $27 million in home properties, involving at least 69 properties across California, and at least $23.99 million in fraudulently obtained property loans. Lenders lost at least $10.47 million as a result.
Aguila and Anabo are scheduled to be sentenced by United States District Judge Garland E. Burrell Jr. on April 1, 2016. Both defendants face a maximum statutory penalty of five years in prison and a $250,000 fine.
The case is the product of an investigation by the Federal Bureau of Investigation, with Assistant United States Attorney Matthew M. Yelovich prosecuting the case.
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Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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