Mortgage Loan | Residential Care Homeowners In Pleasant Hill And Real Estate Agents Plead Guilty In $20 Million Mortgage Loan Fraud …

February 9, 2012 – 6:30 am

Edith Nelson, 53, and Ronald Nelson, 76, a married couple from Discovery Bay, owned and operated Placement Services, a Pleasant Hill company that placed elderly people into residential care facilities.

In August 1998, the duo was banned from having interactions with any facility licensed by the state Department of Social Services based on various licensing violations, according to United States Attorney Melinda Haag. But they did not follow the law and put together a scheme where at least 63 loans, totaling $20,754,700, were obtained from financial institutions, Haag said.

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The Nelsons controlled the properties by having straw buyers sign grant deeds that either transferred title of the property to Edith Nelson or added her name to the title on the property.

Under their scheme, buyers also opened bank accounts that were controlled by the Nelsons.

The Nelsons also pleaded guilty to income tax evasion and harboring an illegal immigrant. They hired caregivers who they knew were not legally able to work in the United States, paid them less than minimum wage and forced them to work under poor conditions, Haag said.

The Nelsons could spend the rest of their

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