Mortgage Fraud Indictments
SCOTT W. STOREY
DISTRICT ATTORNEY
Jefferson and Gilpin Counties
For Immediate Release ? July 11, 2005
Contact: Pam Russell
Public Information
303-271-6905
RE: DA Scott Storey Indicts Three in Mortgage Scheme
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District Attorney Scott Storey announced today that the First Judicial District Grand Jury in Jefferson and Gilpin Counties has returned an indictment charging Ricardo Medina, Nancy Rios, and Perla Alvarado with violations of the Colorado Organized Crime Control Act, a class 2 felony.
According to the indictment, Medina, DOB: 9-26-73, of Lakewood, is a realtor, who conducted his business from offices located in Lakewood, Colorado. Rios, DOB: 11-19-65, of Thornton, and Alvarado, DOB: 9-6-80, are Denver-area loan officers.
The indictment alleges that it was the regular practice of Medina, aided by Rios and Alvarado, to sell single-family homes to persons who, because of their citizenship or financial circumstances, were not qualified for home loans.
According to the indictment, the defendants were able to obtain loans for the unqualified buyers by creating false documents concerning the homebuyer?s identity, employment and credit history, and then submitting these false documents to legitimate mortgage lenders.
Transactions in the initial indictment involved loans for 33 homes, totaling 6.5 million dollars.
The investigation that led to the indictments was conducted by the Gaming Unit of the Colorado Bureau of Investigation. The Gaming Unit began
its investigation after receiving complaints from a Colorado casino that unknown persons had forged documents which stated that the homebuyers were employed by the casino.
The investigation is expected to go on to other realtors and loan officers who are alleged to be involved in conduct similar to that described in the July 7 indictment.
The investigation to date has demonstrated that the number of individual homebuyers across Colorado who have obtained properties in this manner is likely to be in the thousands, far exceeding the scope of state and local criminal justice resources. As their identities are established, the information will be forwarded to both the appropriate federal authorities and to the mortgage lenders for such further action as they deem appropriate.
All three were arrested today and are scheduled to have a first appearance before a judge tomorrow, July 12, 2005, at 10:00 a.m. in courtroom 1B of the Jefferson County Courthouse. Medina is being held on $40,000 bond and for Rios and Alvarado bond was set at $250,000.
Jefferson County District Attorney Scott Storey praised the CBI?s Gaming Unit for the successful completion of the initial indictments, calling the agents? work in the case ?a model of complex crime investigation.?
Last Modified: Mar 28, 2009 10:19 PM
