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.

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 This material may not be published, broadcast, rewritten, or redistributed.)

Comments (2)
  1. doug says:

    This man should be going to jail for a long time, instead of getting probation and a slap on the wrist, I personally know someone who lost 70 grand to a woman who scammed him and she had to be released from jail by the FBI because she is terminally ill.
    My friend will not be able to recover any of his money period.

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