Sunday, October 24, 2010

68 years jail time for real estate fraud

Kathy Chen, 49, Westminster, California, a real estate broker, was sentenced to 68 years and six months in state prison for 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.

Chen was found guilty by a jury May 18, 2010, 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 state income tax returns. The sentencing enhancements for causing loss in excess of $2.5 million and $100,000 were found true. Chen will face a restitution hearing on Nov. 8, 2010, at 9:00 a.m. in Department W-9, West Justice Center, Westminster.

No comments:

Post a Comment