Wednesday, May 19, 2010

Real Estate---OC Style

BROKER CONVICTED OF CONSPIRACY WITH BOYFRIEND AND HIS BROTHER TO COMMIT $17.5 MILLION IN REAL ESTATE FRAUD BY PURCHASING HOMES USING STOLEN IDENTITIES AND INTENTIONALLY DEFAULTING ON LOANS
*Co-defendant boyfriend and brother have warrants for their arrest

WESTMINSTER - A real estate broker was convicted today of conspiring with her boyfriend and his brother to commit $17.5 million in real estate fraud by purchasing 35 properties using stolen identities and intentionally defaulting on loans in order to steal the loan money.  Kathy Chen, 49, Westminster, was found guilty by a jury of 136 felony counts including one count of conspiracy, 47 counts of grand theft, one count of attempted grand theft, 37 counts of forgery, 27 counts of recording false documents, 15 counts of identity theft, one count of elder financial exploitation, four counts of forging an official seal, and three counts of filing false tax returns. The sentencing enhancements for causing loss in excess of $2.5 million and $100,000 were found true. Chen faces a sentence up to 111 years in state prison at her sentencing July 9, 2010, in Department W-9, West Justice Center, Westminster.
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