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EDH man accused of fraud

Three allegedly defrauded real estate buyers

An El Dorado Hills man and two accomplices were indicted Thursday by a federal grand jury for their alleged roles in a mortgage fraud conspiracy.

Anthony Salcedo, 30, of El Dorado Hills; Sean McClendon, 45, of West Sacramento; and Anthony Williams, 44, of Carmichael; face 30 years in prison and up to $1 million in fines for allegedly defrauding investors and causing property foreclosures.

Williams is also charged with two counts of identity theft.

Between December 2005 and September 2006, McClendon and Williams are suspected of using straw buyers to purchase residential properties in Rocklin, Folsom, Sacramento and El Dorado Hills from Salcedo or his associates.

According to the indictment, Salcedo paid both McClendon and Williams a kickback for finding buyers.

McClendon was a loan officer and facilitated the loans for each of the properties. In each instance, the buyer’s income and assets were falsified in order to qualify for the loans.

Generally, the true purchase price of the homes was overstated on the loan documents and payments to the straw buyers and the kickbacks were not disclosed to the lenders as part of the purchase or sales agreements.

For two of the properties, the buyer of record was a resident of Milwaukee, Wis., who was unaware that her personal information was being used to purchase homes in the Sacramento area.

In a separate incident, McClendon is charged with mail fraud in connection with a fifth residential property by one of the same buyers involved in purchasing one of Salcedo’s properties.

All properties involved were foreclosed by the lenders, resulting in losses of more than $1 million.

If convicted, the defendants face a maximum statutory penalty for mail fraud and the related conspiracy of 30 years in prison, a $1 million fine, or both.

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Posted by on Aug 26 2011.
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