BrokerageIndustry News

Broker guilty of tax-credit fraud

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A Los Angeles-area real estate broker faces a potentially lengthy prison sentence after pleading guilty to filing 10 false tax returns seeking nearly $68,000 in fraudulent first-time homebuyer tax credits and earned income tax credits.Kashawn Monique Savery, who's been doing business as Cornerstone Realty Group in Encino as a licensed broker since 2006, admitted at a hearing Monday to being involved in filing more than 200 false tax returns seeking more than $1.3 million in fraudulent claims, prosecutors said.Most of the 231 suspicious tax returns for the 2008 tax year discovered during the execution of a search warrant earlier this year were were filed from a computer at Savery's condominium in Reseda, Calif., prosecutors said. Other suspicious tax returns linked to the same computer were allegedly filed in recent months for the 2009 tax year.Savery faces a maximum sentence of 50 years in federal prison and a $2.5 million fine when she is sentenced Oct. 18 by U.S. District Judge Dale ...