Title
Receive and accept the Annual Real Estate Fraud Report for Fiscal Year ("FY") 2018-19 submitted by the District Attorney's Office in accordance with California Government Code section 27388(d).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Receive and accept the Annual Real Estate Fraud Report for Fiscal Year ("FY") 2018-19 submitted by the District Attorney's Office in accordance with California Government Code section 27388(d).
SUMMARY:
The District Attorney's Office submits its Annual Real Estate Fraud Report for FY 2018-19 in order for the Board of Supervisors to evaluate the District Attorney's effectiveness in investigating, prosecuting and deterring real estate fraud activity.
DISCUSSION:
The District Attorney received 22 real estate fraud referrals during FY 2018-19. These referrals came from multiple sources, including local police agencies, private sector professionals and Monterey County residents. The referrals demonstrate that real estate fraud continues to pose a risk to Monterey County homeowners and residents. The new referrals involved a variety of fraud schemes, including "rental scams" (which typically promise residential rents at below-market rates), mortgage loan fraud, unlicensed real estate activity, advance fee schemes, unlawful security deposit withholding, foreclosed home theft, and elder abuse pertaining to the transfer of real estate.
In FY 2017-18, the San Francisco Division of the Federal Bureau of Investigation (FBI) and the Monterey County District Attorney's Office announced the creation of a new task force, the Monterey County Financial Crime Task Force (MCFCTF), whose mission is to identify, investigate, and prosecute individuals engaged in financial crimes, including real estate fraud. Throughout FY 2018-19, the FBI and the District Attorney's Office have continued to work together in identifying and investigating new cases of real estate fraud on a greater scale. All cases identified...
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