FRESNO, Calif. — In a stunning turn of events, German Antonio Lopez-Velasquez, the 55-year-old Modesto real estate agent, has admitted his guilt in what authorities are calling a $1 million mortgage fraud scheme.
Lopez-Velasquez, along with Lisa Santos and Marko Antonio Lopez, is accused of orchestrating a fraudulent mortgage loan operation targeting unsuspecting borrowers across Stanislaus, San Joaquin, and Santa Clara Counties. According to court documents, the trio used false documents and fictional entities to secure loans for unqualified applicants.
Special Agent-in-Charge Mark Kaminsky of the U.S. Department of Housing and Urban Development (HUD) emphasized the importance of maintaining the integrity of the FHA loan program. ‘The HUD OIG will continue to pursue those who seek to undermine this vital program and the American dream of homeownership,’ Kaminsky stated.
Lopez-Velasquez is not alone in his plea. Lisa Santos, 48, a mortgage loan officer from Long Beach, pleaded guilty on May 13, 2024, while Marko Antonio Lopez, 27, also of Modesto and a real estate agent and notary public, had previously entered a guilty plea and been sentenced on April 1, 2024.
Set to face sentencing on Sept. 9, 2024, Lopez-Velasquez could be looking at a maximum sentence of 30 years in prison and a $1 million fine. The final determination will rest with U.S. District Judge Jennifer L. Thurston, who will consider all applicable factors and the Federal Sentencing Guidelines.
This case is a result of an extensive investigation by the Federal Housing Finance Agency – Office of Inspector General (FHFA-OIG), HUD-OIG, and the U.S. Postal Inspection Service (USPIS). Assistant U.S. Attorney Jeffrey A. Spivak is handling the prosecution.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
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