Man Sentenced for Stockton Flipping Scheme

Iftikhar Ahmad received a 21-month prison sentence and was ordered by U.S. District Judge William B. Schubb to pay restitution of $382,750 and spend three years under supervision upon his release from prison. Ahmad bought up Stockton foreclosures often paying cash, then sold those same homes to fake buyers using false identities. The subprime loans were processed automatically without checking the applicant’s facts and that allowed little or nothing to be put down which allowed for the frequency of the flipping fraud scheme. These types of fraud schemes are very prevalent and are harmful to the neighborhoods of the targeted properties, only causing longer vacancies and neglect. Better education among the public and stiffer prosecution is the answer. If you have questions about local Stockton homes for sale feel free to contact Pat Holkesvig & Your Home Team experts at 209.471.6516 or complete our Contact Us form.