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.
{ 3 comments… read them below or add one }
Candace Bustanoby 05.18.07 at 3:24 pm
New Century Mortgage is not making any loans, now, according to their website and Petition for Chapter 11 has been filed.
John L. Wake - Realtor 05.18.07 at 4:28 pm
I wonder if that makes them or or less motivated to pursue fraud against them.
Mark 05.18.07 at 11:53 pm
I would hope so, but then again they will admit they got taken! What fools they are, their investors should prosecute these awful mortgage brokers ( used car car salesman)! There’s nothing worse than a mortgage broker-not a mortgage banker!