Local Real Estate Agent and Former Account Executive of a Lending Institution Plead Guilty to Conspiracy to Commit a Massive Mortgage Fraud Causing $17 Million in Losses
| FBI San Diego October 25, 2013 |
United States Attorney Laura E. Duffy and FBI Special Agent in Charge Daphne Hearn announced that Eric Elegado, a local real estate agent, and his spouse, Charmagne Elegado, a former account executive of New Century Mortgage, a mortgage lending institution, pled guilty today to their roles in a conspiracy to commit massive mortgage fraud intending to cause and causing approximately $17 million in losses.
Eric and Charmagne Elegado entered their guilty pleas to count one of the indictment before United States District Judge Anthony J. Battaglia. Pursuant to the written plea agreements, Eric Elegado owned and operated real estate and mortgage brokerage businesses in San Diego, and Charmagne Elegado was an account executive at New Century Mortgage in San Diego. Beginning in at least 2005 and continuing up to and including February 23, 2007, Eric and Charmagne Elegado admitted that they conspired with co-defendants Theodore Cohen, Minh Nguyen, Regidor Pacal, Alexander V. Garcia, Roman Macabulos, Ramin Lotfi, and Roderick Huerto to engage in a scheme to defraud mortgage lenders in order to obtain money and property by obtaining mortgage loans, primarily through New Century Mortgage, for unqualified buyers by falsifying and causing others to falsify the employment and salary information on the loan applications and other documents.
Eric and Charmagne Elegado admitted that these co-defendants were paid approximately $500, by either check or cash, for allowing companies that they owned to be fraudulently listed on the borrower’s loan documents. In addition, Eric and Charmagne Elegado admitted that they agreed with other coconspirators working at Eric Elegado’s mortgage companies to create fraudulent documents, such as W-2s, pay stubs, and bank statements, which were submitted to mortgage lenders, including to Charmagne Elegado while she was working at New Century Mortgage. Eric and Charmagne Elegado admitted that they made substantial profits from their roles in the scheme to defraud mortgage lenders.
The other co-defendants had previously pled guilty. In particular, Alexander Garcia entered his guilty plea to conspiracy to commit mortgage fraud on November 20, 2012, and he is scheduled for sentencing on December 13, 2013.
Roman Macabulos entered his guilty plea to conspiracy to commit mortgage fraud on August 29, 2013, and he is scheduled for sentencing on January 3, 2014.
Theodore Cohen entered his guilty plea to conspiracy to commit mortgage fraud on August 29, 2013, and he is scheduled for sentencing on February 7, 2014.
Regidor Pacal entered his guilty plea to conspiracy to commit mortgage fraud on August 30, 2013, and he is scheduled for sentencing on January 3, 2014.
Ramin Lotfi entered his guilty plea to conspiracy to commit mortgage fraud on September 5, 2013, and he is scheduled for sentencing on December 6, 2013.
Roderick Huerto entered his guilty plea to conspiracy to commit mortgage fraud on September 10, 2013, and he is scheduled for sentencing on December 6, 2013.
Minh Nguyen had his case consolidated with another criminal case in the Central District of California, and his case was transferred to that district on June 24, 2013.
Eric and Charmagne Elegado are next scheduled to be in court before United States District Judge Anthony J. Battaglia for sentencing on February 28, 2014, at 9:00 a.m.
Criminal Case No. 12CR0404-AJB
Defendants
- Charmagne Elegado, Age: 47, Escondido, CA
- Eric Elegado, Age: 47, Escondido, CA
- Theodore Cohen, Age: 54, San Diego, CA
- Regidor Pacal, Age: 51 ,San Diego, CA
- Alexander V. Garcia, Age: 38, San Diego, CA
- Roman Macabulos, Age: 38, San Diego, CA
- Ramin Lotfi, Age: 36, San Diego, CA
- Roderick Huerto, Age: 34, San Diego, CA
Summary of Charge That All Defendants Pled Guilty To:
Title 18, United States Code, Section 1349 B - Conspiracy to Commit Mail and Wire Fraud
Maximum penalties: 20 years' imprisonment, $250,000 fine, or twice the gross pecuniary gain or twice the gross pecuniary loss (whichever is greatest), $100 special assessment, three years of supervised release.
Investigating Agency
Federal Bureau of Investigation
Contact
Assistant United States Attorney (AUSA) Orbana, (619) 546-7951; or AUSA Sullivan, (619) 546-8412