An Elk Grove woman will spend ten years in prison for a leading a mortgage fraud scheme. 62-year-old Hoda Samuel was the owner and operator of real estate agency Liberty Real Estate & Investment Company as well as Liberty Mortgage Company.
In at least 30 real estate transactions during 2006 and 2007, Hoda submitted false documents in order for unqualified buyers to qualify for loans. All of those homes ended up going into foreclosure. The scheme caused more than $5.5 million in loss. Eight other people have also pleaded guilty to their parts in the scheme.