Final 2 Plead Guilty in Real Estate Fraud
The last two defendants in what prosecutors described as the largest real estate fraud ever perpetrated against the federal Department of Housing and Urban Development have pleaded guilty to mail fraud charges in Los Angeles federal court.
Shirley Pereira Da Silva, 36, of Los Angeles and Luis Alberto Valladares, 44, of Hacienda Heights entered their pleas before U.S. District Judge J. Spencer Letts on Thursday. They face a maximum of three years in prison.
Da Silva, Valladares and five others previously convicted were accused of fraudulently obtaining $60 million in federally insured loans by inflating the value of properties through the complex use of straw buyers and corporations.
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