Financial Fraud: Peter Cash Doye And Raquel Reid Plead Guilty For Their Roles In a Massive Real Estate Fraud Scheme

<h2>JURY CONVICTS SAN DIEGO EXECUTIVE AND BROKER OF &dollar;50 MILLION REAL ESTATE FRAUD<&sol;h2>&NewLine;<p><strong>Defendants Used La Jolla and Del Mar Mansions to Defraud Lenders<&sol;strong><&sol;p>&NewLine;<p>SAN DIEGO – Following a two-week trial&comma; a jury returned guilty verdicts on all counts against finance executive Peter Cash Doye and notary public and real estate broker Raquel Reid for their roles in a massive <strong>real estate fraud scheme<&sol;strong> that generated nearly &dollar;50 million in fraudulently-obtained loan proceeds&period;<&sol;p>&NewLine;<p>The evidence presented at trial demonstrated that Doye and Reid defrauded lenders into making enormous loans against four multi-million dollar mansions in La Jolla and Del Mar&comma; then used forged documents to make it appear that the loans had been paid off so they could obtain additional loans from new lenders who believed the mansions were owned &OpenCurlyDoubleQuote;free and clear&period;”<&sol;p>&NewLine;<p>Doye&comma; a senior executive at the real estate investment firms Conix&comma; Inc&period; and Variant Commercial Real Estate &lpar;&OpenCurlyDoubleQuote;VCRE”&rpar;&comma; negotiated the financing from unsuspecting lenders and investors based on a host of lies about the collateral used to secure the loans&period; To pull of the scam&comma; Doye&comma; Reid&comma; and their co-conspirators created forged real estate lien &OpenCurlyDoubleQuote;releases” and recorded fraudulent records at the San Diego County Recorder’s Office&comma; complicating the chain of title for these homes&period; Reid notarized the forged documents&comma; helping to make the fraudulent paperwork appear authentic&period;<&sol;p>&NewLine;<p>Doye’s business partner Courtland Gettel and Arizona attorney Jeffrey Greenberg previously pleaded guilty to participating in the scheme&comma; and are serving sentences of 135 and 81 months&comma; respectively&period; Gettel and Greenberg were also ordered to pay more than &dollar;43 million in restitution to victims&comma; and to forfeit the proceeds of the crime&period; Gettel was the owner of Conix and VCRE&comma; which refurbished single-family homes&comma; purchased distressed debt&comma; and purchased and refurbished commercial real estate projects&period;<&sol;p>&NewLine;<p>During trial&comma; the government proved that Gettel&comma; Greenberg&comma; and Doye acquired the high-end homes in La Jolla and Del Mar by claiming they would be used as luxury rentals and investment properties—although in fact&comma; Gettel and Doye lived in the properties along with their families&period; When they needed money to fund other business deals&comma; Gettel and Doye began negotiating with new lenders&comma; pretending that the first loans never existed or had already been paid off&period; Greenberg admitted that he used his expertise as a lawyer to generate and record fraudulent records&comma; making it appear that prior loans were paid off and helping to close the fraudulent deals&period;<&sol;p>&NewLine;<p>In late 2014&comma; the lenders began to uncover the fraud and learn that their secured interests in the properties were worthless&period; In response to questions from these lenders&comma; Doye&comma; Reid and Gettel denied knowing anything about the fraudulent loans&comma; and created yet more fraudulent documents to cover their tracks&period; For example&comma; Reid destroyed her notary book and cut up her notary stamp&comma; and then falsely reported to the California Secretary of State that her book had been lost&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;These defendants attempted to use their significant real estate experience to pull off an egregious fraud that created serious consequences for lenders and title owners&comma;” said U&period;S&period; Attorney Adam Braverman&period; &OpenCurlyDoubleQuote;As this case demonstrates&comma; federal prosecutors are fully committed to protecting the integrity of our lending system by holding such criminals accountable&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The FBI will pursue each criminal participant in these sophisticated&comma; multi-million dollar fraud schemes until final justice is served&period;” said FBI Special Agent in Charge John Brown&period; &OpenCurlyDoubleQuote;Today&comma; Peter Doye and Raquel Reid join co-conspirators Courtland Gettel and Jeffrey Greenberg as convicted felons for their roles in this massive <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;loans&sol;" title&equals;"loan" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"294">loan<&sol;a> fraud scheme&period;”<&sol;p>&NewLine;<p>United States District Judge William Q&period; Hayes remanded both Doye and Reid into custody following the guilty verdicts&comma; and set their sentencing hearings for March 4&comma; 2019&comma; at 9&colon;00 am&period;<&sol;p>&NewLine;<p>This case is being prosecuted by Assistant United States Attorneys Emily Allen and Andrew Young&period;<&sol;p>&NewLine;<p>DEFENDANTS<&sol;p>&NewLine;<p>Peter Cash Doye Age&colon; 41 San Diego&comma; CA<&sol;p>&NewLine;<p>Raquel Reid Age&colon; 38 San Diego&comma; CA<&sol;p>&NewLine;<p>CHARGES<&sol;p>&NewLine;<p>Count One &lpar;both defendants&rpar;&colon; Wire and Mail Fraud Conspiracy&comma; in violation of 18 U&period;S&period;C&period; § 1349<&sol;p>&NewLine;<p>Maximum Penalties&colon; 20 years’ imprisonment&comma; &dollar;250&comma;000 fine&comma; or twice the gross gain or loss caused by the offense&comma; &dollar;100 special assessment&comma; restitution&comma; forfeiture<&sol;p>&NewLine;<p>Counts Two through Six &lpar;Doye only&semi; both defendants as to Count Three&rpar;&colon; Wire Fraud&comma; in violation of 18 U&period;S&period;C&period; § 1343<&sol;p>&NewLine;<p>Maximum Penalties as to each count&colon; 20 years’ imprisonment&comma; &dollar;250&comma;000 fine&comma; or twice the gross gain or loss caused by the offense&comma; &dollar;100 special assessment&comma; restitution&comma; forfeiture<&sol;p>&NewLine;<p>Counts Seven through Nine &lpar;Doye only as to Count Seven&comma; both defendants as to Counts Eight and Nine&rpar;&colon; Mail Fraud&comma; in violation of 18 U&period;S&period;C&period; § 1341<&sol;p>&NewLine;<p>Maximum Penalties as to each count&colon; 20 years’ imprisonment&comma; &dollar;250&comma;000 fine&comma; or twice the gross gain or loss caused by the offense&comma; &dollar;100 special assessment&comma; restitution&comma; forfeiture<&sol;p>&NewLine;<p>Counts Ten and Eleven &lpar;both defendants&rpar;&colon; Aggravated Identity Theft&comma; in violation of 18 U&period;S&period;C&period; § 1028A<&sol;p>&NewLine;<p>Maximum Penalties&colon; mandatory 2 years’ imprisonment&comma; consecutive to any other term of imprisonment&comma; &dollar;250&comma;000 fine&comma; &dollar;100 special assessment&comma; restitution&period;<&sol;p>&NewLine;<p>Count Twelve &lpar;Reid only&rpar;&colon; False Statements to Federal Agents&comma; in violation of 18 U&period;S&period;C&period; § 1001<&sol;p>&NewLine;<p>Maximum Penalties&colon; 5 years’ imprisonment&comma; &dollar;250&comma;000 fine&comma; &dollar;100 special assessment&comma; restitution&period;<&sol;p>&NewLine;<p>DEFENDANTS PREVIOUSLY CHARGED<&sol;p>&NewLine;<p>Jeffrey Greenberg&comma; 16CR1076-WQH and 1077-WQH Age&colon; 67 Tucson&comma; AZ<&sol;p>&NewLine;<p>Courtland Gettel&comma; 16CR1099-WQH Age&colon; 43 Coronado&comma; CA<&sol;p>&NewLine;<p>AGENCY<&sol;p>&NewLine;<p>Federal Bureau of Investigation<&sol;p>&NewLine;