The Arrests of Major (former) Su Casa Agents Begins!!

Many victims of real estate and mortgage fraud get frustrated because in many instances there has been little progress in the investigations process. One of the reasons for this is because the designated authorities have to investigate and make sure that all the accusations are true. They must also obtain evidence and make sure that it is strong enough to put these people in jail.

One company in San Jose under investigation for complaints and accusations of fraud is the Century 21 Su Casa brokerage, its many affiliated companies and agents as reported in 2007. But the first top agent, from the now closed Su Casa brokerage, to get arrested was Gloria Alvarez (Booking mug for Gloria Madrigal Alvarez-SJ Mercury News)

The arrest occurred last Wednesday as she was leaving the Santa Clara County superior courtroom where she was appearing for a settlement on a civil suit as reported by the San Jose Mercury News last Thursday (thanks to this comment for the update).

During the “hot and booming” days of the real estate market, Alvarez was one of the top agents at the San Jose brokerage Su Casa. But according to the accusations, Gloria Alvarez along with her sister, Patricia Alvarez, and Gloria’s son Ricardo Alvarez, participated in an alleged mortgage fraud scheme.

According to the Distric Attorney’s office Ricardo Alvarez, a licensed notary, was arrested that same day but Patricia Alvarez (aka Carmen Alvarez Madrigal) has not been arrested yet, both are from San Jose. Ricardo Alvarez (aka Felix Alvarez, Ricardo Pedraza, Ricardo Alvarez Pedraza, Felix Ricardo, Pedraza Alvarez, and Ricardo Rios) faces 7 felony counts.

Gloria Alvarez (license record) faces 11 felony counts, including grand theft. Both mother and son could be looking at over 14 years in state prison if convicted.

The complaint alleges that both sisters recruited a man and paid him $5,000 to act as a “straw buyer” and defrauded Comerica Bank, Fremont Investment and Loan and Countrywide Savings and Loans in transactions valued just over $2 million. Gloria acting as the representing agent/loan officer, prepared false documentation and presented them to the lenders while her sister, Patricia, forged names on checks.

Contrary to what many may think, this was not an uncommon way of practice by several unethical real estate agents from Su Casa. According to some past clients from other Su Casa affiliated companies, they have told me about a few other agents that have performed the same schemes here in San Jose but have not been found guilty yet.

According to the district attorney, the Santa Clara District Attorney’s office Real Estate Fraud Unit has received more complaints against Gloria Alvarez than any other individual real estate agent.

Anyone who has filed a complaint against Gloria Alvarez (or against any other agent that has recieved this type of complaint) is encouraged to update his or her contact information with the Real Estate Fraud Unit’s Paralegal, Carol Vega (408) 792-2639. This request is made because many of the complaining victims have lost their home to foreclosure and investigators are having difficulty locating the victims.

The California Department of Real Estate is currently holding an investigation of two California corporations linked to Su Casa, and several other agents and brokers including Bic Pho (license record), Gloria Alvarez, Felipe Neri (license record), Mark Dwelle (license record) and others as noted on their license comments with code H-10082F.

Although the Department of Real Estate cannot act as a court of law, give legal advice or representation, order that monies be refunded, contracts be canceled, damages be awarded, etc, they can investigate complaints against real estate brokers and salespersons accused of misleading or defrauding consumers. If found guilty they will suspend or revoke their license.

**If anybody has an update to this story, please feel free to leave a comment with the source of the information**

Comments

4 Responses to “The Arrests of Major (former) Su Casa Agents Begins!!”

Century 21 Su Casa, Bic Pho, Online Termite, Vision Quest 21 Inc, Century 21 Ruby, Triple Net Commercial Network Inc, Century 21 Ruby Fine Homes & Estates, Ruby Prestige Homes & Estates, Ruby Prestige Properties, Prestige Home and Estates, Aborn P on June 26th, 2008 10:48 am

[...] [Update 6/24/2008]: Major (former) Su Casa agent arrested in San Jose [...]
vanessa on June 27th, 2008 3:29 am

hola senor ney no se quien es usted pero todos los articulos que e leido todo es cierto no se por que las personas ignorantes lo atacan la mayoria de los hispanos no nos gusta que nos digan nuestras verdades por que la verdad no duele pero como incomoda sabe envez de que lo esten juzgado que aprendan de sus errores para que vean que no todo lo que brilla es
oro como pudieron creer en tanta belleza si solo ganan $25.000 al ano y comprar algo de $500.000 mil dolares eso solo existe en los cuentos de adas pero uno sabe de ante mano que esas personas van apagar con lagrimas de sangre y su libertad y a su familia tambien uno sabe que DIOS nunca se olvida de uno y quiero decirles que no ay que juzgar atodos por que yo conoci a un amigo que vende casas y le pregunte que que ocupaba y me dijo seguro social bueno y un trabajo bueno y medigo que si tenia eso y le dige que no y me digo lo siento no puedo hacer nada porti y el sabia que yo tenia dinero para dar un buen down payment si el ay ga sido otro quisas me ayga robado por que uno sabe que el dinero es traicionero so, por eso se que si hay personas honestas en realidad yo aqui le hecho la culpa a las dos partes porque desde que yo vivo en san jose sienpre e sabido que un indocumentado nunca puede comprar casa en esta occasion los vendedores enganaron y robaron sin inportarle aquien por fabor si no entienden algo no firmen por que ustedes mismos estan firmando su sentencia de muerte a cuerdencen que tanto peca el que mata la vaca como el que le agarra la pata por lo mismo envez de estar criticando al senor ney sigan sus consejos yo no miro que el responde bulgar mente a las preguntas que le hacen y no entiendo por que son tan cerradas unas personas por lo mismo los americanos dicen que necesitamos a prender educacion y saben a hora los entiendo que tienen mucha razon ellos
Ney on June 30th, 2008 11:51 am

Vanessa,

Your point of view is very well taken.

Your are right on target when you said “BUYER BEWARE, read everything you sign and dont sign anything if you dont understand it” because that is what got us in trouble in the first place.

I also want to thank you for your very kind comments about the different opposing points of view that I have recieved in the Spanish post about Norma Valdovinos. This is a blog where anyone can express their opinion, however right or wrong they may be, it’s still their opinion. However, commenting should be done without the use of profanity or I will edit/delete such comment.

Gracias por sus comentarios.

Quisiera aclarar algo. Las personas que no tienen SSN si pueden comprar casa utilizando el numero ITIN. Estos son prestamos especiales que solo ciertos bancos y organizaciones lo estan ofreciendo. Son prestamos seguros y traen mucha educacion ya que para calificar tienes que atender a unas clases para que entiendas la responsabilidad de ser dueño de casa.

Tu tienes mucha razon en decir “OJO lean todo lo que tengan que firmar y si no entienden no firmen.”

Gracias por tu comentario sobre los diferentes puntos de vista que he recibido en este otro articulo. Una pagina como esta es para que la gente opine, asi esten correctos o no, estas son sus opiniones. Pero como tu dices, deberia ser sin vulgaridades o yo editare/borrare tales comentarios.
Sixteen (Former) Su Casa Agents Face State Disciplinary Action & Possible Loss of License : San Jose Real Estate : My Home and My Money on July 11th, 2008 4:52 am

[...] who had been living in Mexico (with his Felipe Neri according to some comments) was arrested last month in San Jose and now could be facing 14 years in prison if [...]