By Rick Daysog firstname.lastname@example.org
Two Sacramento real estate agents were indicted for their alleged roles in a property flipping and mortgage fraud scheme.
A federal grand jury on Thursday charged 49-year-old Leonard Williams and 25-year-old Joshua Clymer with money laundering and conspiracy to commit mail and wire fraud.
Federal prosecutors said companies controlled by Williams and Clymer purchased real estate in Sacramento, Gold River, Yuba City and Chico and flipped the properties on the same day, resulting in one-day profits of up to $100,000.
Prosecutors said the two recruited buyers and helped them qualify for loans using phony mortgage documents.
Williams was previously indicted with Chico home builder Garret Griffith Gililland III for running a similar scheme using properties in Butte County. The charges are the first against Clymer.