Stephen Gibbons, Assistant District Attorney   CONTACT PERSON:
Paul Colin, Deputy District Attorney
Real Estate Fraud Unit
(408) 792-2576    For Release on July 7, 2004     REAL ESTATE AGENTS ARRESTED  FOR LOAN FRAUD AND FORGERY   Real estate agents Marco Antonio Reyes, 36, and Annabelle Berrios Rivera, 33, were arrested Tuesday, July 6, 2004, for loan fraud in connection with the sale of two homes.  The agents were charged with two counts of grand theft, and Reyes was also charged with two counts of forgery.  Each person was booked into the county jail in lieu of $200,000 bail.   Rivera and Reyes work for Realty World/Time Financial Services at 1101 South Winchester Boulevard, San Jose.  The charges allege that in July 2002, Rivera showed her clients—a married couple, who speak Spanish but not English—a home in San Jose that the couple decided to buy.  Reyes arranged for a $294,000 mortgage by submitting a loan application that falsely represented the couple’s income. Reyes also submitted a forged letter purporting to be from his accountant verifying the income information.   In late September 2002, after all the paperwork had been signed but before escrow closed, the couple returned to the home and learned that it was not for sale, but that the sale was actually for a home nearby with a similar address.  The agents promised to correct the problem and convinced the couple to let the sale go through. Within days, Rivera found them a second home to buy. Reyes arranged for another mortgage, for $262,000, by submitting another false application and forged letter to the lender.  For both sales, the agents earned over $25,000 in commissions and fees.   The investigation was conducted by the District Attorney’s Real Estate Fraud Unit after the victims learned, a year later, that the first sale had not been corrected and that they were still responsible for its mortgage.   If convicted, Rivera faces up to three years and eight months in state prison; Reyes, because of the additional forgery charges, faces up to five years in prison.   ###

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