A federal grand jury has indicted a Sacramento real estate executive and six of his employees for allegedly running a $4 million mortgage-fraud scheme.
In an indictment unsealed Tuesday, the grand jury charged that 42-year-old Moctezuma Tovar, owner of Delta Homes and Lending Inc., and his employees falsified loan documents and inflated borrowers’ incomes and assets to obtain loans.
“Fraud schemes in which real estate professionals submitted false information and phony documents to obtain mortgage loans, are one of the major reasons why this part of California was hit with a foreclosure crisis that negatively impacted home values for many, many homeowners,” said U.S. Attorney Benjamin Wagner.
Also named in the indictment were Manuel Herrera, Ruben Rodriguez, Christian Parada Renteria and Jaime Mayorga of Sacramento; Sandra Hermosillo of Woodland; and Jun Michael Dirain of Antelope.
If convicted, they face up to 30 years in prison and $1 million in fines.