The California man laundered the proceeds and use it to buy property and a yacht
A California real estate agent has been sentenced to 78 months in prison after admitting to a scheme in which he sold homes with unpaid mortgages to unsuspecting buyers, according to the US Attorney’s Office for the Northern District of California.
Robert Jacobsen’s sentence for wire fraud and money laundering was handed down by US District Judge Maxine Chesney. He had pleaded guilty to the charges in July 2017.
As part of his scheme, Jacobsen formed American Brokers’ Conduit Corp., which was not related to a then already-existing mortgage originator called American Brokers’ Conduit. After gaining control of homes with mortgage liens that secured loans originated by the real American Brokers’, Jacobsen used intermediaries to sue the phony corporation.
Given his control of both the plaintiff and the defendant, Jacobsen obtained declarations that the mortgage liens were invalid after attorneys for both sides settled the lawsuits under his instruction. He filed those agreements with the relevant county recorder’s offices.
With the liens appearing to have been declared invalid, Jacobsen sold the homes to unsuspecting buyers without paying off the original loans. Jacobsen then laundered proceeds he obtained from the scheme through bank accounts in the US and in Belize. He used the money to buy property and a yacht.
In addition to the prison term, Chesney sentenced Jacobsen to serve three years of supervised release. Jacobsen agreed to the forfeiture of the yacht. The amount of restitution will be determined in a hearing scheduled in October.
Jacobsen was indicted in November 2015 and charged with thirteen counts of wire fraud and engaging in monetary transactions in property derived from specified unlawful activity. Under his plea agreement, Jacobsen pleaded guilty to one count of each. If he complies with the agreement, the remaining counts will be dismissed.
