LOS ANGELES—A former luxury homes sales director has admitted a role in a $16 million scheme to defraud banks.
Assistant U.S. Attorney Doug Miller says 47-year-old Benjamin Serrano agreed to plead guilty to a federal conspiracy charge in documents filed Friday in Los Angeles court.
Serrano is accused of collaborating with a real estate agent and a bank employee to secure loans for $1 million-plus homes in excess of what his Colorado-based homebuilding company actually collected. Buyers were then paid the difference in cash.
Miller says at least one buyer defaulted on the loan and apparently pocketed a $269,000 kickback.
Serrano’s two co-conspirators were based in Los Angeles. Both previously pleaded guilty to bank fraud charges.
Miller would not identify Serrano’s company.
