A West Sacramento man pleaded guilty today in federal court to mortgage fraud charges arising from home sales in the Sacramento area.
According to court documents, Sean McClendon, 46, participated in the loan origination process for buyers and in each instance the buyers' income and assets were falsified to qualify for the loans.
Co-defendant Anthony Salcedo allegedly compensated McClendon and another co-defendant, Anthony Williams, for finding buyers for four properties owned by or associated with Salcedo, according to a federal Department of Justice news release. Some of the payments by Salcedo allegedly went to the buyers of the property, although the payments were never disclosed to the lenders as part of the purchase and sale agreements, officials said.
All properties involved were foreclosed by the lenders, resulting in losses of more than $1 million.
The date for McClendon's sentencing has not been set.
The case resulted from an investigation by the Internal Revenue Service - Criminal Investigation and the Federal Bureau of Investigation.