Paul Colin, Deputy District Attorney
Real Estate Fraud Unit
For release on November 21, 2011
DEFENDANT CONVICTED FOR RUNNING FAKE MORTGAGE COMPANY OUT OF HIS DELICATESSEN
On November 21, 2011, Rocky S. Prasad, a 59 years-old Vallejo resident, was convicted of two counts of Grand Theft for falsely offering to provide mortgages to two Santa Clara County residents who were in the latter stages of buying homes. Prasad operated Prestige Loans Corporation. Prasad stole $50,000 from one victim and $16,000 from another victim by requiring as a condition of each loan a 10% “security deposit” in advance. Prasad pled no contest to two violations of Penal Code section 484-487, and admitted an Excessive Taking Allegation under Penal Code 12022.6, for taking over $65,000.
The Prestige Loans website advertised a 20-year record of success. However, neither Prasad nor Prestige Loans had a such record, or a legitimate source of funds, or were licensed to handle real estate loans or sales or, in fact, to conduct any business in California. The Prestige Loans Corporation location is actually the Village Delicatessen in Benicia, California. Prasad was required to remove the website and repay the victims, and he has done so.
Prasad will be sentenced to three years of formal probation and be required to serve six months in custody. While on probation he will be prohibited from any involvement with activities related to real estate loans or purchases and any financial transactions requiring a state, federal, or regulatory agency license. A violation of probation could result in the maximum sentence of four years and eight months incarceration. Prasad returns to court on January 20, 2012 for formal sentencing.