California Man Pleads Guilty in Mortage Fraud Scheme

In Sacramento, California, Shane Burreson, of Orland, pleaded guilty before a United States District Judge for his role in a multi-million-dollar builder bailout mortgage fraud scheme. According to documents, between September 2006 and April 2007, he was president of Nor Cal Innovative Investments Inc. (NCII). Through NCII, he recruited investors and straw buyers to purchase new homes in Chico from homebuilders at artificially inflated prices. After the close of escrow, he others would rebate significant sums back to the buyer or the buyer's agent. With only a few exceptions, the rebates were entirely concealed from lenders and appraisers. Lenders would finance 100 percent of the inflated purchase price. In addition to falsifying the sales price, employees of NCII would falsify loan applications and supporting documents so that buyers of the inflated homes could qualify for homes loans. Many times these loan files would rely on the use of false employment information, such as fictitious employers or exaggerated incomes to get the loans to close.

This case is the product of a joint investigation by the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigation, and the Butte County District Attorney's Office. Burreson faces a maximum statutory penalty of 20 years in prison for mail fraud, a $250,000 fine. The maximum statutory penalty for  money laundering is 10 years in prison, a $250,000 fine, and three years of supervised release. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines.

Because these types of federal cases are complex, it is best to retain the services of a skilled federal criminal defense lawyer to assist you in handling the issues involved in defending this type of case. Our skilled attorneys will thoroughly evaluate your situation to determine the proper legal defense. Federal attorneys  Donald Marks and  Anthony Brooklier are committed lawyers have the experience and resources to launch a complete investigation on your behalf and aggressively defend you against these charges.  Call our office for a free case evaluation.