Anthony Salcedo, Mortgage Fraud, California 2015

SACRAMENTO, Calif. — In a stunning verdict, a federal jury found Anthony Salcedo, 34, of Fair Oaks, guilty of one count of conspiracy to commit mail fraud and four counts of mail fraud for his involvement in a mortgage fraud scheme, United States Attorney Benjamin B. Wagner announced.

According to court documents and evidence produced at trial, Anthony Salcedo worked in the real estate industry beginning in 2000, was licensed as a real estate agent in 2004 and as a mortgage broker in 2006, and worked for two different mortgage lenders for five years. When selling his personal properties in 2005 and 2006, Salcedo worked with licensed mortgage broker Sean McClendon, 49, of Fair Oaks, and Anthony Williams, 47, previously of Memphis, Tennessee, to find buyers. As an incentive to complete the sales transactions, Salcedo paid kickbacks to the buyers and to McClendon outside of escrow.

The payments were never disclosed to the lenders as part of the purchase and sale agreements, and the buyers’ income and assets were falsified in order to qualify for the loans. Ultimately, substantial sums were exchanged outside of escrow as part of this scheme, equaling in one instance as much as 16 percent of the total purchase price of the property.

Defendant: Anthony Salcedo

Criminal Charges: Conspiracy to commit mail fraud, four counts of mail fraud

City and State: Fair Oaks, California

Case Date: September 10, 2015

Sentence: Salcedo is scheduled to be sentenced on September 10, 2015, by Chief United States District Judge Morrison C. England Jr.

Maximum Statutory Penalty: 30 years in prison, a $1 million fine, or both

Approximate dollar amount of fraudulently obtained loans: $2.6 million

Defendant’s mortgage debt: $1.6 million

According to U.S. Attorney Benjamin B. Wagner, “Much of the mortgage fraud that was so common in this region during the 2005-2008 timeframe was associated with dishonest real estate and mortgage financing professionals such as Anthony Salcedo and his co-defendants in this case.”

Co-defendant Sean McClendon pleaded guilty on October 12, 2013, and is awaiting sentencing. Co-defendant Anthony Williams pleaded guilty, was sentenced to two years and nine months in prison, and is currently serving that sentence.

This case is the product of an investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation. Assistant United States Attorneys Jean M. Hobler and Marilee L. Miller are prosecuting the case.

Source: https://www.justice.gov/usao-edca/pr/fair-oaks-man-found-guilty-mortgage-fraud-after-5-day-trial