Another San Diego real estate agent is behind bars after being caught in the most recent example of loan fraud in Southern California.
The next episode in our weekly round-up of real estate fraud involves a mother and son who were convicted in a San Diego federal court Wednesday for what prosecutors called an $8 million mortgage fraud involving 16 homes in San Diego and Riverside counties.
A jury convicted Carlsbad real estate agent Aida Agusti Castro, 67, and her son, Orange County attorney Stephen Kenneth Chrysler, 46, on multiple counts of wire fraud for allegedly submitting phony documents in support of false loan applications for unqualified buyers.
After the verdict was announced, District Judge Jeffrey Miller sent both into federal custody, pending a July 30 sentencing. The two face 20 years in prison on each of five counts.
This marks at least the 4th or 5th set of family members caught conspiring to break the law. Has nepotism run wild in real estate? Do you know of any family members working together who do things the right way? We’d love to hear what they think of this recent wave of familial crime.