SF real estate broker convicted of bank fraud

S.F. (BCN) - San Francisco. A prominent real estate broker and investor in San Francisco was found guilty by a federal grand jury of bank fraud linked to fraudulent misrepresentations made in the application for a mortgage refinance loan.

They announced a formal capacity on Friday. A guilty verdict was rendered against the defendant, Victor Makras, during a two-week trial in front of Chief U.S. District Judge Richard Seeborg.

Makras, a resident of San Francisco who is 64 years old, was the defendant in a superseding indictment filed on May 31st, 2018. Because they participate in a transaction involving the refinancing of mortgages, Makras, and his associate are charged with four charges of illegal activity.

The beginnings of San Francisco's well-known reputation for sourdough.

Makras was charged with four counts, including making false representations to banks, committing bank fraud, and conspiring to commit bank fraud. Both charges of bank fraud and making false representations to a bank successfully convicted him by the jury.

The jury could not reach a verdict on the other two counts, which included conspiring to make false statements to a bank and committing bank fraud. At the trial, it was shown that Makras had defrauded the financial institution Quicken Loans out of $1.3 million in a real estate mortgage loan that was backed by property owned by the associate of Makras, who was the borrower on the loan. The property backed the loan because it was a real estate investment.

The Loan Details:

According to the allegations against Makras, he told Quicken Loans, as part of the borrower's application for the $1.3 million loan, that the borrower owed him and his investors a total of $915,000. As a result of the borrower's overstated debt, Quicken was unaware of any further loans they had taken out.

The borrower also owes more than $89,000 to a contractor for significant remodeling work on the property, but for which the borrower did not receive an invoice promptly. Makras has another hidden debt since he gave the borrower $70,000 of his own money, which he did not disclose to the company when he made the loan.

Investigation Details:

This investigation is part of a larger federal investigation into allegations of public corruption in the municipal administration of San Francisco. Up to this point, there have been a total of 12 arrests. Just yesterday, Mohammed Nuru, a formerly high-ranking public employee in San Francisco, was handed a seven-year sentence by a federal judge.

Additionally, many of the city's facilitators and contractors have been assessed fees.