Unlicensed SoCal Mortgage Broker in the Soup

SAN DIEGO (CN) – An unlicensed mortgage broker who operated out of one of the nation’s wealthiest communities was charged Thursday with running a $2.2 million mortgage fraud.
     Donald V. Totten, 56, ran his scam out of Rancho Santa Fe, an unincorporated, gated community in North San Diego County, the U.S. Attorney’s Office said. He was arrested two weeks ago in Northern California and will be sent to San Diego to face charges.
     A grand jury indicted Totten “on charges that he obtained $2.2 million in mortgage loans using false information and then siphoned off hundreds of thousands of dollars from the sale of the properties,” the U.S. attorney said in a statement.
     Also charged was Totten’s loan processor, Shellie Lockard, 43, of Westlake Village. She is charged with conspiracy to commit bank fraud and wire fraud, which is punishable by up to 30 years in federal prison and a $1 million fine.
     Totten is charged with conspiracy and with wire fraud, both charges punishable by up to 30 years in prison and $1 million fines.
     All four mortgages Totten fraudulently obtained were foreclosed, and he skimmed $192,000 from the operation, the U.S. attorney said in the statement.

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