Developer, Real Estate Agent Plead Guilty to Loan Fraud
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LOS ANGELES — A Rancho Palos Verdes developer and a Manhattan Beach real estate agent have pleaded guilty to federal loan fraud charges, the U.S. attorney’s office said.
The charges against developer Allan “Bill” H. Juckes, 73, and Mahlon “Mike” G. Hubbard, 63, of Re/Max Beach Cities Realty, grew out of a lengthy FBI investigation of the South Bay real estate industry.
Juckes was accused of secretly loaning cash to prospective buyers of his properties so they could make the required down payments. Citibank, which underwrote the buyers’ mortgages, was not told about the arrangement.
Hubbard, who acted as Juckes’ real estate agent, arranged the “no-money-down” deals with the buyers.
The two defendants entered their plea Tuesday before U.S. District Judge George H. King. They will be sentenced Oct. 2.
Jodi Voy Pillsbury, a Citibank loan officer who approved the mortgages, previously pleaded guilty to bank fraud and is awaiting sentencing. Eight other people convicted in the scam are also to be sentenced later this year.
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