Beverly Hills agents indicted

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Good morning. Real estate fraud in Beverly Hills? The U.S. Attorney says so. From this morning’s L.A. Times:

‘Two high-profile Beverly Hills real estate agents and two licensed appraisers were indicted Thursday on charges of joining in a sophisticated scheme that lenders said cost them more than $40 million in fraudulent loans for homes in some of Southern California’s most expensive neighborhoods.’

More: ‘Joseph Babajian and Kyle Grasso, agents with Prudential California Realty, along with appraisers Lila Rizk of Trabuco Canyon and Scott Robinson of Dana Point, were each indicted on multiple counts of conspiracy, bank fraud and loan fraud. They face several years in prison if convicted, said Assistant U.S. Atty. Jeremy Matz. Babajian and Grasso are also charged with money laundering.’

The case dates from sales made in 2000 to 2003. Babajian and Grasso were listing agents on the $22-million home David Beckham bought earlier this year.

Comments? Thoughts?