Bay Area mortgage company owners arrested

Inside Bay Area – Police arrest five in real estate scheme worth millions

Prosecutors said Amy Schloemann, 30, and Karim Akil, 40, also known as Scott Kinney, were arrested at their Hiddenbrooke Mortgage office in Vallejo on Wednesday in connection with a 73-count felony complaint filed in Alameda County Superior Court.

The District Attorney’s Office said the couple took at least $3,579,000 from sub-prime lending companies New Century Mortgage and Right-Away Mortgage as well as Union Bank of California, local real estate brokers and individual citizens between April 2005 and August 2006.

I bet those sub-prime lenders are going to become very aggressive in pursuing fraud.

May 15, 2007 by Realtor John Wake

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John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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