18 Foreclosures, $2.5 Million Scam

November 13, 2008


A 30-year-old former real estate company owner has admitted to participating in a $2.5 million scam that led to 18 foreclosures, although his plea agreement lists only one transaction that he was involved in.

Bradley W. Hollister admitted to knowing that the appraisals used in the scheme had been artificially inflated. His attorney said he is came forward right away so he could put the incident behind him and move on. His sentencing is set for Jan. 29.

James J. Lytle, 34, is said to have headed the fraud scheme that left lenders in a lurch, victims with bad credit neighborhoods with foreclosed, abandoned properties. Lytle was sentenced to seven years in prison. Others identified in the case were Martin Valadez 32, who was sentenced to six years for stealing identities and his father and Jose Valadez, owner of Valadez Furniture was sentenced to 21 months for being a straw buyer.

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