California authorities said Tuesday they filed a lawsuit
California authorities said Tuesday they filed a lawsuit and made seven arrests in a mortgage fraud case involving seven companies and thousands of homebuyers in Southern California.Attorney General Jerry Brown said his office was seeking penalties and restitution of more than $20 million in the bait-and-switch scam led by 25-year-old real estate agent Eric Pony.
The case, filed under seal Monday in Los Angeles Superior Court, alleges that the group tricked consumers into agreeing to excessive loans, unaffordable home payments and exorbitant fees. The suspects are accused of forging signatures when consumers would not sign paperwork.
The suspects were arrested on charges including conspiracy, grand theft, forgery and elder abuse. The attorney general shut down the companies and seized 16 properties worth more than $6 million.California authorities said Tuesday they filed a lawsuit and made seven arrests in a mortgage fraud case involving seven companies and thousands of homebuyers in Southern California.
Attorney General Jerry Brown said his office was seeking penalties and restitution of more than $20 million in the bait-and-switch scam led by 25-year-old real estate agent Eric Pony.
The case, filed under seal Monday in Los Angeles Superior Court, alleges that the group tricked consumers into agreeing to excessive loans, unaffordable home payments and exorbitant fees. The suspects are accused of forging signatures when consumers would not sign paperwork.
The suspects were arrested on charges including conspiracy, grand theft, forgery and elder abuse. The attorney general shut down the companies and seized 16 properties worth more than $6 million.California authorities said Tuesday they filed a lawsuit and made seven arrests in a mortgage fraud case involving seven companies and thousands of homebuyers in Southern California.
Attorney General Jerry Brown said his office was seeking penalties and restitution of more than $20 million in the bait-and-switch scam led by 25-year-old real estate agent Eric Pony.
The case, filed under seal Monday in Los Angeles Superior Court, alleges that the group tricked consumers into agreeing to excessive loans, unaffordable home payments and exorbitant fees. The suspects are accused of forging signatures when consumers would not sign paperwork.
The suspects were arrested on charges including conspiracy, grand theft, forgery and elder abuse. The attorney general shut down the companies and seized 16 properties worth more than $6 million.
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