Local Real Estate Agent and Eight Other Industry Professionals Charged in Massive...

Local Real Estate Agent and Eight Other Industry Professionals Charged in Massive Mortgage Fraud Scheme That Caused at Least $15 Million in Losses

February 22, 2012 – (RealEstateRama) — United States Attorney Laura E. Duffy announced the unsealing of an indictment today charging a local real estate agent, Eric Elegado, and eight other mortgage industry professionals—Charmagne Elegado, Theodore Cohen, Minh Nguyen, Regidor Pacal, Alexander V. Garcia, Roman Macabulos, Ramin Lotfi, and Roderick Huerto, with multiple counts of conspiracy, wire fraud, money laundering, and criminal forfeiture. According to court proceedings, these defendants engaged in a multi-million-dollar mortgage fraud scheme that targeted vulnerable, low-income immigrants in San Diego. All of the defendants were arraigned today in federal court before U.S. Magistrate Judge William McCurine, Jr.<

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