Convicted Business Owner Faces 14 Years in Prison for Mortgage Fraud Scheme
Sergio Roman Barrientos, 64, of Poway, has been sentenced to 14 years in prison for his role in a multimillion dollar mortgage and foreclosure rescue fraud scheme. The sentence was handed down by U.S. District Judge Garland E. Burrell Jr. on today, U.S. Attorney McGregor W. Scott announced.
According to court documents, from about September 2004 through February 2008, Barrientos and co-conspirators Zalathiel Aguila and Omar Anabo operated an entity named Capital Access LLC, in Vallejo. They preyed on homeowners nearing foreclosure, convinced them to sign away title in their homes, spent any equity those homeowners had saved, and used straw buyers to defraud federally insured financial institutions out of millions of dollars in home loans obtained under false pretenses.
The equity stripped from the distressed homeowners’ properties was then used for operational expenses of the scheme and personal expenses of Barrientos and his co-conspirators. Vulnerable homeowners across California lost their homes and savings as a result of the scheme, and lenders lost an estimated $10.47 million from the fraud.
Barrientos was sentenced on today for conspiring to commit wire fraud affecting a financial institution and bank fraud. Co-defendant Zalathiel Aguila pleaded guilty and is scheduled for sentencing on November 16, 2018. Aguila faces a maximum statutory penalty of 30 years in prison and a $1 million fine.
This case is the product of an investigation by the Federal Bureau of Investigation and the U.S. Postal Inspection Service. Assistant U.S. Attorneys Matthew M. Yelovich and Todd A. Pickles are prosecuting the case.
The scheme, which operated from 2004 to 2008, had devastating consequences for homeowners and lenders alike. The loss of homes and savings for those affected is a tragic reminder of the importance of protecting consumers from fraudulent schemes.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News