North Hollywood Man Gets 15 Months for Mortgage Fraud Scheme

A North Hollywood man was sentenced today to 15 months in federal prison for his role in a mortgage fraud operation in which stolen identities were used to "purchase" homes that were not for sale.

Venedie Roberto Valencia, 27, who worked for Bank of America at the time of his arrest, was sentenced by U.S. District Judge Dale S. Fischer, who also ordered Valencia to pay $51,688 in restitution.

Two of Valencia's co-conspirators were previously convicted and sentenced to prison for their part in the scheme.

Felix Pichardo, 29, of Lancaster received an eight-year sentence in 2009, while 31-year-old Latrice Shaunte Borders of Long Beach was  handed a two-year term in 2010, according to the U.S. Attorney's Office.

According to court documents, Pichardo, a licensed real estate agent, and Borders participated in two separate fraudulent real estate sales transactions.

Pichardo, using identities stolen from others, caused loan applications to be submitted to AmTrust without the property owners' knowledge for real estate which was not for sale, according to federal prosecutors.

During today's hearing, Fischer said Valencia was an "essential part" of the scheme who abused his position at the bank.

-- City News Service