A Northern California based sales manager was arrested recently on fraud charges. The sales manager worked for the Seenos, a Californian family. The arrest was made in connection with a housing scheme of 2008.
Sales Manager Fraudulently Purchased Properties
The accused was reportedly involved in a scheme for fraudulently purchasing properties in Seenos name. The sales manger used funds from a company owned by Seenos, to purchase 4 houses. These were developed by a homebuilding company held by the Seenos, called Seenos Homes. This led to banks overvaluing the properties held by Seenos, according to reports submitted by an FBI agent investigating the case.
Fraudulent Scheme is a Builder’s Bailout
The chairperson of Nevada Fight Fraud Task Force, Elisabeth Daniels said that fraud experts describe the scheme as “builder’s bailout”. It is one of the most elaborate schemes in the housing crunch. The scheme involves a straw person who purchases homes and causes the pumping up of the market.
Seenos Lawyer – Family’s Involvement in the Scheme Unlikely
Seenos’ defense lawyer, Bill Goodman stated that charges regarding the family’s involvement in the fraudulent scheme to affect the housing market are false. The company owned by the Seenos was not a part of any builder’s bailout scheme. The lawyer added that he will disclose details of transactions made by the Seenos to clear the family’s name.
The Seenos own gaming licenses for running the Peppermill Resort Spa Casino and 5 Nevada based casinos. Licensees lose the right to hold licenses in case they violate federal law. Nevada Gaming Control Board is yet to disclose its decision regarding the case.
Christopher Morales is an experienced San Francisco Criminal Lawyer. If you are looking for an experienced San Francisco White Collar Criminal Defense regarding similar cases, call us.