A federal grand jury indictment accuses four real estate professionals of preparing fraudulent loan applications to obtain more than $55 million in residential mortgages for northern California home buyers, prosecutors said.
The indictment unsealed Thursday alleges that Tjoman Buditaslim, also known as Joe Lim, 51; Travis Holasek, 51; Jose Alfonso Tellez, 26; and Jose De Jesus Martinez, 58, engaged in the mortgage fraud scheme between May 2019 and Aug. 23, 2023.
The defendants are accused of creating false divorce documents and child support checks for people who had never been married or even met, and fabricating bank statements with inflated balances, to qualify buyers for home loans, according to the U.S. Attorney’s Office for the Northern District of California. Officials urged anyone who suspects their identity was used in falsified marital filings to contact law enforcement and consult a qualified divorce attorney for guidance on their rights and potential remedies.
A mortgage origination company, which was not identified, lost about $8.1 million in the scheme, prosecutors said.
Buditaslim, Holasek, Tellez and Martinez were accused of wire fraud and conspiracy to commit wire fraud. Buditaslim, Holasek and Martinez were also accused of aggravated identify theft.
Prosecutors said the investigation remains ongoing and additional charges or defendants are possible. The four men made initial appearances in federal court in the Northern District of California and were released pending further proceedings, according to the announcement. If convicted, wire fraud and conspiracy to commit wire fraud each carry a maximum penalty of up to 20 years in prison and substantial fines. Aggravated identity theft carries a mandatory consecutive two-year sentence. The court may also order restitution to victims and the forfeiture of any proceeds traceable to the scheme.
An arraignment and detention hearing will be scheduled by the court at a later date. Authorities encouraged potential victims—especially those who believe their names or personal details were used without consent in loan paperwork—to preserve documents and report concerns to investigators. Prosecutors emphasized that the indictment contains only allegations, and the defendants are presumed innocent unless and until proven guilty in a court of law.
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I’m sure we would all like to know how the stolen $8.1 million will be recovered.
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Trust but verify.
About 15 years should serve as a warning to others !
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If there is no threat of incarceration,
there is no deterrence to criminal behavior
This is what happens when the Big Guy doesn’t get his 10%. Did they think they were politicians?
Hey isn’t this similar to what the big banks were doing prior to 2008? The bank executives all got bonuses and retired comfortably. Funny how the law works for big banking. It’s not a crime it was just bad business. Not to mention the over 1 million fraudulent accounts Wells Fargo created without customer consent. The CEO was let go with a nice fat package.
Jail time to the full extent of the law – then bankrupt them all for life
So let’s not talk about the fraud committed BY the banks on every person every second of every day for decades. You guys acting like the banks are your friends is the ultimate lol.