Fraudster gets 25 years for $7M scam

Mountain Democrat

California Attorney General Rob Bonta on Friday, Nov. 17, announced the sentencing of Robert Sedlar, who was convicted on 100 felony counts for carrying out a $7 million mortgage fraud scheme. The scheme targeted vulnerable homeowners in financial distress in 11 counties across California. As a result of the scheme, every one of Sedlar’s victims lost their homes. Sedlar was sentenced to 25 years and four months in state prison. 

One of the victims was the owner of an El Dorado Hills home on Penniman Drive who dealt with Sedlar between 2016-17.

“Robert Sedlar and his company preyed on vulnerable Californians who simply wanted to stay in their homes,” said Bonta. “Because of his crimes, his victims lost their funds, their peace of mind and the very roofs over their heads. Today, due to the hard work of DOJ’s legal and investigative teams, and our federal and local law enforcement partners, we’re holding Sedlar accountable for his crimes. Let today’s sentence serve as a warning: Bad actors who try to scam, defraud or cheat Californians will be brought to justice.”

Sedlar was the president of Grand View Financial LLC, a purported mortgage “investment” company that advertised assistance to desperate homeowners facing foreclosure. The victims were located in the counties of San Diego, San Mateo, Alameda, Contra Costa, San Joaquin, Placer, Solano, Mendocino, San Francisco, El Dorado and Sacramento.

The company promised consumers if they transferred the title of their house to Grandview Financial and paid money, it would eliminate the mortgage lien and deed the home back to the homeowner, clear of any liens. During this time, the company filed false court documents, false documents with the county recorders offices and false bankruptcies that stalled the foreclosures but did nothing to eliminate the liens, all while collecting funds from the victims. Every single victim lost their homes as a result and the scheme resulted in a combined loss of more than $7 million.

After a five-week trial in Sacramento County, Sedlar was found guilty in May 2023 of conspiracy as well as multiple counts of filing a false document, grand theft, elder abuse and prohibited acts by a foreclosure consultant. Two other employees of Grand View Financial — Steven Rogers and Audrey Gan — previously pleaded guilty to charges of grand theft, elder abuse and prohibited acts by a foreclosure consultant.

The prosecution was carried out by Department of Justice’s Fraud and Special Prosecutions Section. The indictment and arrests in this case were the result of a joint investigation by SPS, DOJ’s White Collar Investigation Team; the U.S. Office of Inspector General, Federal Deposit Insurance Corporation; the U.S. Office of Inspector General, Federal Housing Finance Agency; the U.S. Trustee Program; the U.S. Marshals Service; the Stanislaus County District Attorney’s Office; the El Dorado County District Attorney’s Office; the U.S. Trustees, Los Angeles Field Office and U.S. Trustee Peter C. Anderson.

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