German Antonio Lopez-Velasquez, Mortgage Fraud, California 2024

FRESNO, Calif. – In a shocking turn of events, 55-year-old German Antonio Lopez-Velasquez, a real estate agent from Modesto, pleaded guilty to conspiring to commit bank fraud, a crime that has sent shockwaves through the California real estate market.

According to court documents, Lopez-Velasquez, along with accomplices Lisa Santos and Marko Antonio Lopez, orchestrated a mortgage fraud scheme that left numerous victims in its wake. The trio used false documents, fictional companies, and fictional individuals to obtain mortgage loans for borrowers who were not qualified to receive loans.

The scheme, which spanned multiple counties, including Stanislaus, San Joaquin, and Santa Clara, was designed to deceive lenders and ultimately reap huge profits for the perpetrators. The FHA loan program, designed to help hardworking citizens achieve the American dream of homeownership, was severely compromised by the actions of Lopez-Velasquez and his accomplices.

“We will continue to work with our prosecutorial and law enforcement partners to vigorously pursue those who seek to jeopardize this program and the health and stability of our nation’s housing market,” stated Special Agent-in-Charge Mark Kaminsky with the U.S. Department of Housing and Urban Development, Office of Inspector General.

Santos, who has already pleaded guilty to conspiring to commit bank fraud, is scheduled to be sentenced on September 30, 2024. Marko Antonio Lopez, a real estate agent and notary public, previously pleaded guilty and was sentenced on April 1, 2024. Lopez-Velasquez’s sentencing is set for September 9, 2024.

Lopez-Velasquez faces a maximum statutory penalty of 30 years in prison and a $1 million fine. The actual sentence will be determined by the court after consideration of various factors.

This case is the result of an investigation by the Federal Housing Finance Agency – Office of Inspector General (FHFA-OIG), the U.S. Department of Housing and Urban Development – Office of Inspector General (HUD-OIG), and the U.S. Postal Inspection Service (USPIS). Assistant U.S. Attorney Jeffrey A. Spivak is prosecuting the case.

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