A real estate professional from Daly City has been convicted for his role in a home mortgage fraud scheme involving more than $50 million in loans, federal officials announced. The U.S. Attorney’s Office for the Northern District of California revealed that 52-year-old Tjoman Buditaslim pled guilty in federal court to wire fraud conspiracy. This case involved a total of 102 home mortgages amounting to over $55 million, all originating from false and fraudulent loan application information.
According to U.S. Attorney Ismail Ramsey, Buditaslim and his coconspirators exploited their knowledge of the mortgage industry to deceive unsuspecting home buyers. They manipulated these individuals into loans they were not qualified for, leading to significant financial losses. The fraudulent scheme involved the creation of fake documents such as divorce decrees, alimony and child support checks, bank statements, and loan applications to secure the loans.
Buditaslim confessed in his plea agreement that he collaborated with his partners between 2018 and 2022 to orchestrate the fraudulent loans. Many of these mortgages were insured by the Federal Housing Administration (FHA), resulting in the agency losing more than $486,000 to prevent some of the loans from going into foreclosure. This deceitful operation not only harmed the victims but also defrauded a federal agency, highlighting the severity of the crime.
In a recent development, two of Buditaslim’s accomplices also pleaded guilty in the case. Jose Tellez, a 27-year-old loan officer from San Jose, admitted to conspiracy to commit wire fraud for his involvement in originating 30 loans worth $17 million based on falsified income information. Similarly, Jose de Jesus Martinez, a 59-year-old real estate agent from Daly City, acknowledged his role in referring unqualified clients to Buditaslim, resulting in 49 loans totaling approximately $27.7 million.
Mark Kaminsky, the western region special agent-in-charge for the HUD Office of Inspector General, condemned the defendants for exploiting their expertise in the mortgage industry to enrich themselves at the expense of others. The trio of Buditaslim, Tellez, and Martinez now face a maximum statutory penalty of 20 years in prison, along with fines and restitution. Their sentencing is scheduled for October 30, marking the culmination of this elaborate mortgage fraud scheme.
In conclusion, the conviction of these individuals serves as a stark reminder of the consequences of financial fraud and the importance of upholding integrity in the real estate and mortgage industries. The collaborative efforts of law enforcement agencies and federal prosecutors have brought justice to the victims and underscored the commitment to combatting fraudulent practices that undermine the stability of the housing market.