The United States Attorney's Office in the Northern District of California charged four real estate professionals Monday in a years-long $55 million mortgage fraud scheme.
A federal grand jury charged Tjoman Buditaslim, 51; Travis Holasek, 51; Jose Alfonso Tellez, 26; and Jose De Jesus Martinez, 58, with "conspiracy to commit wire fraud, wire fraud, and aggravated theft" in connection to a mortgage fraud scheme that ran between May 2019 and Aug. 23, 2023, according to a newly unsealed indictment.
The Department of Justice alleged that the group defrauded home buyers and mortgage originators of at least $55 million through various means. In addition, one mortgage origination company was also required to repurchase loans that originated as a result of the fraud. This caused the company to lose over $8 million.
The group allegedly collected loan origination commissions, real estate broker commission payments, and direct payments from potential buyers for submitting loan applications.
The Justice Department also alleged that the group carried out its fraudulent activities by creating false divorce decree documents, child support checks, and bank statements that were then submitted to mortgage originators and qualify buyers for residential loans. The payments from mortgage originators were later collected by directing the payments from escrow to the defendants.
The Justice Department noted that the group had not informed potential buyers about the fabricated documents.
When Will the Trial Begin?
As of Monday, Buditaslim, Martinez, and Tellez have made initial appearances in federal court. It is unclear when Holasek will be called to appear in a court in San Francisco.
The case is currently being prosecuted by Assistant US Attys. Christian Highsmith and Emily Dahlke. If the defendants are found guilty, they may face up to 20 years in prison and be required to pay a fine of $250,000 plus restitution for each violation.
The mortgage fraud case results from an investigation carried out by the Federal Housing Finance Agency - Office of Inspector General, U.S. Postal Inspection Service, U.S. Department of Housing and Urban Development - Office of Inspector General, and the California Department of Justice.
