Q: On June 17, you reported that Tony Salcedo of Fair Oaks was to be sentenced Sept. 10 for his role in a mortgage fraud scheme. What was the disposition of that sentence?
A: Sentencing for Tony Salcedo has been continued to Nov. 19, according to federal court records available online.
A jury in June found Salcedo, a Sacramento-area real estate agent and loan broker, guilty of one count of conspiracy to commit mail fraud and four counts of mail fraud for his involvement in a mortgage fraud scheme.
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While selling his personal properties in 2005 and 2006, Salcedo worked with licensed mortgage broker Sean McClendon of Fair Oaks and Anthony Williams, previously of Memphis, Tenn., to find buyers. As an incentive to complete the sales transactions, Salcedo paid kickbacks to the buyers and to McClendon outside escrow, authorities said. The payments were never disclosed to the lenders as part of the purchase and sale agreements, and the buyers’ income and assets were falsified to qualify for loans, authorities said.
At least two of the buyers declared bankruptcy and lost not only their investment properties, purchased via the scheme, but also their own homes.
In all, approximately $2.6 million in fraudulently obtained loans were involved in the scheme, while Salcedo and his family got out from under their $1.6 million in mortgage debt when Salcedo knew the real estate market was slowing down, authorities said.
McClendon pleaded guilty in October 2013 and awaits sentencing. Williams also pleaded guilty and is serving a sentence of two years and four months in prison.