Trial Begins For Real Estate Broker Accused Of Using Stolen IDs To Obtain 47 Loans For $17.5M+ On 35 Properties; Two Other Suspects On The Lam

In Orange County, California, The Orange County Register reports:

• A real estate broker is on trial for allegedly conspiring with her boyfriend and his brother to commit $17.5 million in real estate fraud by buying 35 properties using stolen identities and purposely defaulting on loans to get the money.

• Kathy Chen, 49, Westminster, is charged with 157 felony counts, including conspiracy, grand theft, forgery, recording false documents, identity theft and other crimes. They carry a total maximum of 109 years in state prison.

• Chen’s boyfriend, Richard Salgado Gonzalez, 60, and his brother, Daniel Gonzalez, 57, face the same charges and sentence as Chen. The brothers are fugitives and have outstanding arrest warrants. Both may currently be living in Puerto Vallarta, Mexico, according to the Orange County District Attorney’s office.

• Chen worked as a real estate broker and owned several businesses including Chen Financial, Western Escrow, Nationwide Tax Services and SBC Financial.

• The trio is accused of obtaining 47 fraudulent loans from 13 lenders on 35 properties for more than $17.5 million. Prosecutors say they used the identities of unsuspecting or unqualified victims to get the loans. The victims often spoke little or no English, had no jobs or little income and never intended to live in the homes or repay the loans in their names, according to the D.A. The properties included 13 in Orange County, 16 in San Bernardino County, and 6 in Kern County.

Source: $17.5M real estate fraud trial underway.