T
hree Bay Area real estate professionals have been sentenced to federal prison for their roles in a $55 million mortgage fraud scheme. Tjoman Buditaslim, 52, Jose De Jesus Martinez, 59, and Jose Alfonso Tellez, 27, received sentences of 24 months, 14 months, and 12 months respectively. They were also ordered to pay over $3 million in restitution and serve three years of supervised release.
The scheme, which ran from 2018 to 2022, involved submitting fake income documents to secure 102 home loans totaling $55 million. Buditaslim, a former real estate broker, admitted to creating falsified financial documents to help unqualified applicants secure loans. Martinez referred clients to Buditaslim knowing the loan applications would include fraudulent information and earned nearly $590,000 in commissions. Tellez processed 30 fraudulent loans earning $134,000 in commissions.
The defendants' actions were described as a "brazen scheme" that lined their pockets at the expense of homebuyers, lenders, and federally insured programs. United States Attorney Ismail J. Ramsey stated that today's sentences hold the defendants accountable for their conduct.
