Bart Mendoza 5 a.m., Dec. 8
Fourth defendant pleads guilty in "straw buyer" real estate scam
San Diegan Timothy E. Shannahan is the latest person to plead guilty in a scam where he and others acted as “straw buyers” at the behest of Kathryn Sylvester and her Sylvester Financial, Inc., fraudulently obtaining as many as 80 loans that have cost banks over $5 million during the course of 28 foreclosures.
According to a March 8 release from U.S. Attorney Laura Duffy, between 2007 and 2009 Shannahan falsely claimed an income of $50,000 per month as the Vice President and Director of Marketing at Real Realty Solutions. Under this premise, he was able to take out loans on a Nautilus Drive property in La Jolla that eventually resulted in losses to the lenders of between $400,000 and $1 million.
The only property currently listed in county tax records under Shannahan’s name is a 2,250 square foot home on Lincoln Avenue in University Heights that was purchased in 2001 for $330,000, before any allegations of conspiracy were brought.
Shannahan’s charges carry up to a 20 year prison sentence and a $250,000 fine. Sentencing is scheduled for July 19.
In recent weeks Claudia Montes, Roderick Michener, and Tad Lent have also plead guilty to participating in the scheme. Montes is listed as the owner of an Oceanside residence, and two properties in Lemon Grove and San Diego list Tad Lent as the owner.
The case against Sylvester is still pending.
More like this:
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