Nov 13, 2009 1:23 pm US/Pacific
Home Sales Director Admits Role In $16M Scheme
LOS ANGELES (AP) ―
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Benjamin Serrano is reportedly admitting his role in a $16 million scheme to defraud banks.
CBS
A former luxury homes sales director has admitted a role in a $16 million scheme to defraud banks.
Assistant U.S. Attorney Doug Miller says 47-year-old Benjamin Serrano agreed to plead guilty to a federal conspiracy charge in documents filed Friday in Los Angeles court.
Serrano is accused of collaborating with a real estate agent and a bank employee to secure loans for $1 million-plus homes in excess of what his Colorado-based homebuilding company actually collected.
Buyers were then paid the difference in cash.
Miller says at least one buyer defaulted on the loan and apparently pocketed a $269,000 kickback.
Serrano's two co-conspirators were based in Los Angeles. Both previously pleaded guilty to bank fraud charges.
Miller would not identify Serrano's company.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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