Duo Pleads Guilty to Participating in a Multimillion-Dollar Real Estate Scheme
A pair of scammers posing as real estate agents duped several hundred prospective home buyers out of $6 million over three years. According to the Justice Department, Adolfo Schoneke, 44, and his sister, Blanca Schoneke, 39, obtained their funds by fraudulently collecting down payments on houses that weren't for sale.
Prosecutors claim the scheme started in 2013 when Adolfo and Blanca Schoneke enlisted a licensed real estate agent to list homes at below market prices in an official sales database used by brokers. There was no intention of selling any of the houses listed.
With the help of the licensed agent, the pair often advertised properties for sale at low prices, which generated a lot of interest from buyers. Often, the duo accepted more than one offer on a house before instructing their victims to deposit down payments in supposed escrow accounts held by the Schonekes.
In another venture, the Schonekes listed their properties as "short sales," which meant they sold the houses for less than the mortgages they owned, requiring additional bank approvals. Prosecutors said they would provide forged signatures on sales documents to prospective buyers but would stall closing transactions by claiming the bank required additional information. Ultimately, they pocketed the buyers' payments.
Court documents also reveal the duo deceived homeowners by offering to use their homes on a fee basis, then staged phony open houses for prospective buyers.
The Federal Bureau of Investigation (FBI) and the Federal Deposit Insurance Corporation (FDIC), Office of Inspector General (OIG), investigated the case.
Both have admitted to the scheme and pleaded guilty. A federal prison sentence of up to 20 years is possible for both defendants.