Adolfo Schoneke, his sister, and their co-conspirators were convicted in a scam where houses were listed without homeowners' consent and money was collected from prospective buyers.
FILE - A residential real estate for sale sign is seen as inflation and interest rates increase on Oct. 27, 2022, in Washington, DC. was sentenced to nine years in federal prison for his involvement in a $6 million real estate scam where houses were listed without homeowners' consent and money was collected from prospective buyers.
Schoneke, his sister and their co-conspirators operated real estate and escrow companies based in Cerritos, La Palma and Long Beach under several names, including MCR and West Coast Realty Services. They found properties to list for sale despite having no intention to sell and many of the properties were not for sale.sale opportunities at below-market prices. Some homes were marketed through open houses arranged by tricking homeowners into allowing their homes to be used.
The co-conspirators strung victims along, for years in some cases, by claiming that closings were delayed due to lenders needing to approve the purported short sales.The feds announced another aggressive rate hike — the third consecutive increase of three-quarters of a percentage point and the sixth rate hike this year alone. Lawrence Yun, chief economist with the National Association of Realtors, discusses its impact on the housing market.
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