2 North County Loan Officers Plead Guilty to $1M Mortgage Scam

A San Diego man who helped swindle a mortgage company out of almost $1 million pleaded guilty today in federal court, according to the U.S. Attorney's Office.

Simon Saeid Koli, 41, admitted to conspiracy to commit mail fraud, wire fraud and money laundering. Kian Ashkanizadeh, a 49-year-old co-defendant from Laguna Niguel, entered a guilty plea to the same charge on Monday.

According to the U.S. Attorney's Office, the men had friends and family members put their names and signatures on faked mortgage loan applications for four expensive houses in Carlsbad.

They then collected $200,000 in consulting fees and $45,000 in construction fees per house from New Century Mortgage, prosecutors said. They said the money, totaling $980,000, was funneled through their friends and family bank accounts before it went to the defendants. Prosecutors described the fees as a "sham" and "fraudulent."

Assistant U.S. Attorney Stephen Clark said the firm is now out of business, but he didn't know if the defendant's scheme was the cause. U.S. District Judge Irma Gonzalez is scheduled to sentence the men on Oct. 26. They face up to five years in prison and fines.

–City News Service