High-profile Beverly Hills real estate agent acquitted of mortgage fraud scheme; 2 convicted
By APTuesday, August 11, 2009
High-profile Calif. real estate agent acquitted
LOS ANGELES — A high-profile Beverly Hills real estate agent has been acquitted of participating in a massive mortgage fraud scheme that caused federally insured banks to lose more than $40 million.
The U.S. Attorney’s office says real estate agent Joseph Babajian (BAH’-bah-jahn) was acquitted on 13 criminal counts. His partner, Kyle Grasso, and appraiser Lila Rizk were convicted Monday of conspiracy and bank and loan fraud charges in U.S. District Court.
The jury couldn’t reach a verdict on eight other counts against Babajian and the federal judge declared a mistrial.
Grasso was also convicted of three counts of money laundering for his role in obtaining inflated mortgage loans for homes in some of California’s priciest neighborhoods.
Babajian’s clients have included Barbara Streisand, Warran Beatty, David Beckham and Janet Jackson.
Tags: California, Fraud And False Statements, Los Angeles, North America, United States
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August 11, 2009: 4:45 am
Re the Babajian verdict, it would be interesting to know how the case was presented, what the evidence was, etc. It’s hard to believe that one half of a real estate team could be guilty but the other half wouldn’t. Isn’t that what teams are all about? |
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