Title
Receive and accept the Annual Real Estate Fraud Report for Fiscal Year ("FY") 2017-18 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") 2017-18 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 2017-18 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 23 real estate fraud referrals during FY 2017-18. These referrals came from multiple sources, including federal law enforcement agencies, local police agencies, the Office of the Monterey County Assessor/Recorder, 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, even as the foreclosure crisis of 2007-2010 recedes. 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, notary public misconduct, foreclosed home theft, and elder abuse pertaining to the transfer of real estate
Creation of New Financial Crime Task Force
On March 29, 2018, The Monterey County District Attorney's Office and the San Francisco Division of the Federal Bureau of Investigation (FBI) 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 crimes sounding in real estate fraud. The creation...
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