Former attorney charged in $2M real estate fraud scheme

Authorities have charged a West Hills woman with perpetrating a real estate fraud scheme that netted her $2 million, primarily by duping numerous elderly property owners into transferring over their property titles.

Angela Fawn Wallace allegedly befriended the elderly victims — or found properties where the owners were deceased — then obtained the property titles, the Los Angeles County District Attorney’s Office said, according to KTLA. She then allegedly used those titles to secure herself loans.

Wallace faces 72 felony counts, including identity theft and forgery. She pleaded not guilty to the charges Thursday, and faces up to 40 years in prison if convicted on the top charges, KTLA reported.

Wallace’s alleged scheme lasted from June 2014 to January 2017, and involved four properties and two dozen victims including the property owners, estates, trusts and investment companies.

Wallace took out loans secured by the properties and in some cases sold them off to unknowing purchasers, then kept the proceeds. The district attorney said in one case she rented out several units of a multifamily building and kept the money herself instead of handing it to the estate of the deceased owner.

Wallace was previously convicted of forgery in 2003, and recording false documents in 2007. [KTLA] – Dennis Lynch