Estates on the Bay Guilty Of Fraud

Beware of who you deal with.

Wills found the pair engaged in fraudulent business practices, including loan fraud, and imposed a civil penalty of $120,425 and victim restitution of $29,575.

The case came to officials’ attention after an elderly woman filed a complaint, prosecutors said.

Investigators found Silva and Gobert knowingly falsified the woman’s income information on two loan applications.

She lost her home after the brokers signed her up for two adjustable-rate mortgage loans that she couldn’t afford to repay on her limited income, prosecutors said.

Silva’s real estate broker license was revoked by the Bureau of Real Estate in 2004 for loan fraud, but she continued to act as a broker until 2010.

Estates on the Bay Guilty Of Fraud