Industry News

Four more indicted in Colorado real estate fraud scheme

Transactions involved loans for 117 homes

Four more Colorado residents were indicted this month on charges related to a mortgage fraud scheme, officials said.   The First Judicial District Grand Jury in Jefferson and Gilpin Counties on Sept. 16 returned an indictment charging Jose Alfredo Ramirez, Perla Alvarado, Ludibeth Salazar, and Lucina Loma with violations of the Colorado Organized Crime Control Act, a class 2 felony, according to a statement from District Attorney Scott Storey.   The indictment alleges that loan officer Alvarado, Loma and Salazar fraudulently obtained loans for home buyers solicited by Ramirez. The three were employed by metro-area mortgage firms and engaged in the sale of residential property under the general supervision of Ramirez. He and his associates conducted their real estate business in leased office space at 710 Kipling St. in Lakewood, Colo.   The indictment alleges that it was the regular practice of Ramirez to solicit potential home buyers who, because of their citizenship ...