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Los Angeles D.A. Charges Eight People in Connection with California Straw Buying Schemes

By Neil Shous, Esq.

The Los Angeles District Attorney?s Office charged eight people with over 76 counts of California real estate fraud. The scam, which generated $13 million in profit, involved more than 20 properties. Charges for these crimes include grand theft, forgery, perjury and failure to file income tax returns. Many of these charges arise from involvement with California ?straw buyer? schemes. California ?straw buyer? schemes involve individuals?known as straw buyers?who knowingly agree to purchase or acquire property for someone who is personally unable to complete the transaction. And while this may not seem like a serious offense, it constitutes fraud. In fact, with respect to this case, the network of straw buyers obtained fraudulent financing for 23 properties, each ranging from $500,000 to $700,000...continue to full post

Full post as published by California Criminal Defense Blog on December 06, 2010 (boomark / email).