| For Immediate Release Case # 10CF0477 11ZF0120 April 20, 2012 |
Susan Kang Schroeder Chief of Staff Office: 714-347-8408 Cell: 714-292-2718 Farrah Emami
|
REAL ESTATE AGENT SENTENCED TO EIGHT YEARS IN PRISON FOR CONSPIRACY WITH DAUGHTERS AND SON-IN-LAW TO COMMIT OVER $16 MILLION IN REAL ESTATE FRAUD
SANTA ANA – A mother was sentenced today to eight years in state prison for conspiring with her two daughters and a son-in-law to commit over $16 million in real estate fraud by forging documents and purchasing homes using “straw buyers.” A straw buyer is a person who knowingly and willingly allows their credit to be used for the purchase of a property they never intend to control.
Sushama Devi Lohia, 74, Newport Beach, pleaded guilty to a court offer Dec. 12, 2011, to 12 felony counts of conspiracy to commit a crime, 27 felony counts of forgery, 12 felony count of grand theft, eight felony counts of failure to file, four felony counts of identity theft, four felony counts of recording false and forged instrument, two felony counts of underreporting income and sentencing enhancement allegations for loss over $100,000, property damage over $3.2 million, and aggravated white collar crime over $500,000.
Co-Defendants
Lohia’s daughter, Supriti Soni, 51, is charged with nine felony counts of conspiracy to commit a crime, 17 felony counts of forgery, one felony count of identity theft, 12 felony counts of grand theft, with sentencing enhancement allegations for loss over $100,000, property damage over $3.2 million, and aggravated white collar crime over $500,000, and a 2003 prison prior for perjury.
Lohia’s other daughter, Suniti Shah, 50, and Suniti Shah’s husband, Dinesh Valjeebhai Shah, 62, are both charged with five felony counts of conspiracy to commit a crime, 13 felony counts of forgery, four felony counts of identity theft, four felony counts of recording false and forged instrument, five felony counts of grand theft, and sentencing enhancement allegations for loss over $100,000, property damage over $1.3 million, and aggravated white collar crime over $500,000.
The three co-defendants are scheduled to face jury trial July 25, 2012, at 9:00 a.m. in Department C-40, Central Justice Center, Santa Ana.
Circumstances of the Case
The four defendants are accused of working together to secure loans for “straw buyers” using forged and false documents.
The Shahs are accused of owning and operating New Age Realty, First Property Escrow, City First Realty, and Associates Investments Group. All these businesses were located at 13821 Newport Avenue, Tustin. Soni is accused of owning and operating Vason Development out of 1520 Warner Avenue, Santa Ana, a business that processed home loan applications. Lohia, a licensed real estate agent, worked out of both offices. The four defendants are accused of using these offices to process fraudulent loans.