VALLEJO (KCBS) – A Vallejo man was convicted Monday of running a mortgage scam out of a Benicia delicatessen.
Rocky Prasad was convicted Monday of two counts of grand theft for falsely offering mortgage loans to two Santa Clara County home-buyers. Authorities said Prestige Loans Corporation, the phony company, was actually at a deli in Benicia.
”The victims were perfectly fine people but because of a very short credit history, not a bad one, they couldn’t get a traditional loan, and they liked the offer that Prasad was making,” said Santa Clara County Deputy District Attorney Paul Colin with the Real Estate Fraud Unit.
KCBS’ Dave Padilla Reports:
Colin said the victims lost $50,000 and $16,000 respectively. The money has been repaid. Colin said that Prasad required a 10 percent security deposit in advance.
”A legitimate loan, with a legitimate loan agent, does not require any substantial fees up front,” said Colin.
Prasad awaits sentencing. He’s expected to receive three years probation and six months jail time.
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