Best Defender Bytes:

March 23, 2012

Modesto Developer Arrested in Mortgage Fraud Scheme

Filed under: California Defense Attorney — Tags: , , — fayarfa @ 1:51 am

FRESNO, CA—United States Attorney Benjamin B. Wagner announced the arrest today of Aruna Kumari Chopra, 63, of Modesto. A federal grand jury returned an indictment against her on March 15, 2012, charging her with two counts of mail fraud and two counts of aggravated identity theft. The indictment was unsealed following her arrest.

According to the indictment, in 2009, Chopra purchased property at 4754 Dale Road in Modesto. She sought to finance the development of the property by trying to convince the city of Modesto to put into place a Communities Funding District that would issue bonds for infrastructure improvements. She allegedly concealed from the city of Modesto that there were pre-existing liens on the property. She also allegedly provided the City of Modesto with fictitious contracts of potential sales of a fully developed property to support a higher appraisal of the property. The indictment alleges that Chopra attempted to defraud other lenders, including the persons who sold her the property, by filing documents with the Stanislaus County Recorder’s Office that contained forged signatures. She is charged with aggravated identity theft for two instances when she allegedly forged the signature and used the seal of a notary public on a publicly filed document.

This case is the product of an extensive investigation by the Federal Bureau of Investigation; the Stanislaus County District Attorney’s Office; and the Federal Housing Finance Agency, Office of Inspector General, working with the San Joaquin Valley Mortgage Fraud Task Force. The U.S. Attorney and the FBI created the San Joaquin Valley Mortgage Fraud Task Force in 2009 to further the prosecution of mortgage fraud cases arising out of the southern half of the Central Valley. Assistant United States Attorney Mark J. McKeon is prosecuting the case.

If convicted, Chopra faces a maximum penalty of 20 years in prison and a $250,000 fine on each count of mail fraud, and she faces a mandatory penalty of two years in prison on each count of aggravated identity theft, which must run consecutive to any other sentence. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory sentencing factors and the Federal Sentencing Guidelines, which take into account a number of variables.

3 Comments »

  1. You will also need money to pay other fees that will
    be needed to finalize the deal. While commercial property may require more capital and entail more
    complicated real estate transactions than residential property investing, the possibility
    profits and advantages will make commercial property investing
    well worth the extra education and work involved.
    Yet, if they pay attention to more top end deals, chances are
    they’ll may not the kind of broker you are searching for as being
    a smaller investor.

    Comment by Caitlyn — October 17, 2014 @ 10:33 am

  2. Make sure you might have every one of the right information in position and be sure to have
    had a completely independent appraisal done on the home.
    Even if the home is completely rented and you’re
    managing the exact property yourself, management fees and vacancy
    rates will likely be factored to the equation, making the debt to income ratios tougher to obtain. Its current
    portfolio incorporates a diverse range of properties in Alabama, Georgia, Florida, North
    Carolina, South Carolina, Texas, Tennessee and other states.

    Comment by commercial real estate broker — November 22, 2014 @ 4:39 am

  3. Life can be tough at times, you put in the hours of work and only end up with blank stares. You know what I mean? That’s the time posts like this keep me motivated.

    Comment by sholom ber levitin — December 7, 2015 @ 3:42 pm

RSS feed for comments on this post. TrackBack URL

Leave a comment

Powered by WordPress