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If you're facing foreclosure, be very, very careful who you go to for help and advice. People like Raul Altamirano make 'to good to be true' promises, and guess what? It is too good to be true. In fact, it's a huge lie, and one that will cost you your home, credit rating, and a lot of money.
LOS ANGELES – A convicted con man who operated a Montebello realty company was sentenced Friday to four years in state prison, the District Attorney’s Office announced.
Raul Altamirano, 53, pleaded guilty on June 14 to one count of grand theft and admitted an allegation that the taking was more than $150,000.
Los Angeles Superior Court Judge James Bianco ordered Altamirano to pay $301,470.64 in restitution. Judge Bianco dismissed three counts – grand theft, loan application fraud and filing a false document – under the terms of the plea agreement.
Altamirano was charged on May 13, 2010, for defrauding a victim in 2007. The victim sought the defendant’s assistance for the purpose of taking $100,000 out of the equity of her home.Without the victim’s knowledge, Altamirano went on to take out two loans worth $429,000, stripping the home of all its equity. The victim never received any money, prosecutors said.
Deputy District Attorney Hilda Weintraub of the Real Estate Fraud Section prosecuted the case and Investigator Roberto Lim of the District Attorney’s Bureau of Investigation led the investigation. Altamirano, owner of Wings Realty, Inc., was the one-time subject of investigative news reports for allegedly baiting victims through foreclosure and loan-modification seminars.
The defendant began holding seminars shortly after pleading no contest to one count of grand theft and being placed on five years probation in a 2004 real estate fraud case