Authorities Make Another Arrest In San Francisco Mortgage Fraud Scheme

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Karla and Carlos Parada

Karla and Carlos Parada (Office of San Francisco District Attorney)

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SAN FRANCISCO (KCBS) – The brother and niece of a San Francisco man accused of 31 cases of mortgage fraud are now facing similar charges.

Edwin Parada, a one-time real estate agent in the Mission District, has been in jail for over two years on accusations of grand theft, elder abuse, conspiracy and money laundering involving 31 victims.

Now, his brother Carlos and niece Carla are accused of bilking an elderly woman by taking money to help sell her house.

KCBS’ Bob Melrose Reports:

San Francisco District Attorney George Gascon said that he believes there are similar cases out there.

“If you have a lot of equity or if you have any equity quite frankly, and you’re not paying attention as to what is going into the transaction, you can very easily be defrauded,” said Gascon. “That’s why it’s important to seek the assistance of others.”

Carlos Parada is in custody and was arraigned earlier this week.

Police are still looking for Carla.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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