A former Bank of America employee who had authority to approve short sales is accused of taking more than $1 million in bribes to sign off on 18 sales of bank-owned homes in Southern California at prices below what the bank would have approved.

Kevin Lauricella, 28, of Thousand Oaks, has pleaded not guilty after being accused in a 28-count grand jury indictment of falsifying bank records, the Los Angeles Times reports.

Bank of America told the Times that Lauricella was fired in 2011, and that it has been cooperating with an FBI investigation. Three other defendants have signed off on plea agreeements that suggest Lauricella’s arrest was the result of a long-running probe into short-sale manipulation in Southern California. Source: latimes.com

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription