By City News Service
May 6, 2021
LOS ANGELES (CNS) - A dozen people have been indicted in connection with an alleged mortgage fraud and “green loan scheme that operated throughout Southern California and resulted in losses of about $15 million, the California Attorney General s Office announced today.
The 133-count grand jury indictment, handed up April 26, alleges that the crimes occurred in Los Angeles, Riverside and Ventura counties.
The indictment charges the defendants with a variety of counts, including conspiracy, mortgage fraud, grand theft, identity theft, forgery, filing a false or forged document and money laundering.
The defendants allegedly exploited the Yrgene Energy Fund and Renew Funding, companies that provide funding to licensed contractors for energy-efficient home improvements for homeowners, and used false identities to get mortgage loans from conventional banks and hard money lenders, according to the Attorney General s Office.