Eric Elegado Charged With Fraud

From MSNBC.com comes the announcement that Eric Elegado faced criminal charges in downtown San Diego on Monday.

High profile real estate agent Eric Elegado, his wife Charmagne and seven associates are charged with conspiracy to commit mail and wire fraud, wire fraud, conspiracy to commit money laundering and other charges involving an alleged mortgage loan fraud.

Eric Elegado shows up on the Department of Real Estate site working for Prudential California where his website still shows him active at the time of this publication.

This is only the start in my opinion of some high profile real estate agents and lenders that will be in court.

The article goes on to say the following:

Prosecutor Joseph Orabona says the Elegados “targeted low income immigrants” in San Diego by coaching them on how to fill out loan applications for home purchases.

Orabona said Elegado’s wife “defrauded her own parents” adding “she’s the most culpable person in this criminal enterprise.”

The defendants allegedly used false income numbers and other false information to help clients get mortgages for which they didn’t qualify.

The judge set bond at $75,000 for Charmagne Elegado and at $100,000 for Eric Elegado.

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