November 16, 2024 – LOS ANGELES, CA – California Attorney General Rob Bonta on Friday announced the unsealing of a grand jury indictment. against the owners of three mortgage brokerage firms and 11 affiliates in a mortgage fraud scheme. Fraudulent loan applications and financial documentation were allegedly used to obtain eight loans totaling $3.69 million. The fraudulent loans were then used by unsuspecting borrowers to purchase properties located in the counties of Los Angeles, Orange, Riverside, Sacramento, San Bernardino, and San Diego. 13 of the 14 total Defendants appeared in Los Angeles County Superior Court. 10 Defendents were arraigned on charges including mortgage fraud, receiving proceeds of mortgage fraud and grand theft and plead not guilty. The remaining defendents will be arrainged at a later date.