Industry News

California mortgage broker allegedly stole $7M from homeowners

Man even convinced university to name arena after his company

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A former California mortgage broker who allegedly defrauded customers of $7 million and convinced a university to rename a basketball arena after his company faces a 122-count indictment by a federal grand jury. Tony J. Daniloo, 32, managed a Dublin, Calif., branch office for Residential Credit Corp. from 2000 to 2002, and went on to found DreamLife Financial in Modesto. Both companies, prosecutors claim, victimized homeowners seeking cash-out refinance loans. Daniloo allegedly altered escrow documents and diverted cash belonging to his clients into his personal bank accounts. In addition to making "lulling payments" to homeowners to conceal the scheme, Daniloo spent "massive amounts of stolen money to garner publicity for DreamLife," according to U.S. Attorney Kevin J. Ryan. Daniloo pledged $1 million to the California State University Stanislaus athletic department, for example, and the university briefly renamed its basketball stadium "DreamLife Arena." The company was also a f...