Real Estate Agent Sentenced to Six and a Half Years in Federal Prison for Housing Fraud

Recently, a real estate agent residing in the San Francisco East Bay was sentenced in Federal Court in San Francisco to six and a half (6 ½) years in prison for a sophisticated housing fraud scheme using a phony mortgage company. Robert Jacobsen was sentenced on one (1) count of wire fraud and one (1) count of carrying out an illegal financial transaction. He pleaded guilty to both counts in exchange for the prosecutors dropping twelve (12) other counts arising out of a 2015 indictment. Allegedly, he sold two (2) homes in San Francisco and Danville to buyers who were not told that the properties were “under water.”

Shannon B. Jones, Partner sbj@sbj-law.com

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