From the latimes.com:
Everyone knows that in real estate, it’s location, location, location.
So San Diego real estate agent Marco Manuel Luis arranged for a couple to buy a home in exclusive Rancho Santa Fe for more than $2 million.
But now, because of his role in finding financing for the purchase, Luis will live in a new location: federal prison.
The 32-year-old Luis was sentenced Monday in San Diego federal court to 48 months in prison after pleading guilty to arranging phony loan documents that hid the fact the buyers’ income was from drug profits. The loan documents also involved purchase of property on Palomar Mountain.
The Rancho Santa Fe buyers, Joshua Hester and Kelsey Wiedenhoefer, were part of a massive marijuana-growing operation, according to prosecutors. Both have pleaded guilty.
The dopers paid $2,050,000 in May, 2007 – Chase sold it for $1,130,000 in June, 2012:
Yeah, he should have known only banks are allowed to do this sort of thing.
was this what you call a liar loan?
This guy handled the short sale of a condo I bought last year (he was on the sell side). Small world…
in this market, money is money – give the guy a break!