Newport Woman Sentenced to Prison for Real Estate Fraud

A mother was sentenced today to eight years in state prison for conspiring with her two daughters and a son-in-law to commit over $16 million in real estate fraud by forging documents and purchasing homes using straw buyers, the Orange County district attorney's office reported.

Sushama Devi Lohia, 74, of Newport Beach, pleaded guilty in December to 12 felony counts of conspiracy to commit a crime, 27 felony counts of forgery, 12 felony count of grand theft, eight felony counts of failure to file, four felony counts of identity theft, four felony counts of recording false and forged instrument, two felony counts of underreporting income and sentencing enhancement allegations for loss over $100,000, property damage over $3.2 million, and aggravated white collar crime over $500,000.

Three of Lohia's family members -- including her two daughters -- have also been charged. Prosecutors say the four defendants worked together to secure loans for straw buyers using forged and false documents through their Tustin real estate offices to process fraudulent loans. Lohia's daughter, Supriti Soni, 51, is charged with nine felony counts of conspiracy to commit a crime, 17 felony counts of forgery, one felony count of identity theft, 12 felony counts of grand theft, with sentencing enhancement allegations for loss over $100,000, property damage over $3.2 million, and aggravated white collar crime over $500,000, and a 2003 prison prior for perjury.

Her other daughter, Suniti Shah, 50, and her husband, Dinesh Valjeebhai Shah, 62, are both charged with five felony counts of conspiracy to commit a crime, 13 felony counts of forgery, four felony counts of identity theft, four felony counts of recording false and forged instrument, five felony counts of grand theft, and sentencing enhancement allegations for loss over $100,000, property damage over $1.3 million, and aggravated white collar crime over $500,000.

The Shahs are accused of owning and operating New Age Realty, First Property Escrow, City First Realty, and Associates Investments Group in Tustin. Soni is accused of owning and operating Vason Development out of 1520 Warner Avenue, Santa Ana, a business that processed home loan applications. Lohia, a licensed real estate agent, worked out of both offices.

Between April 2006 and March 2008, Lohia, Soni, Suniti Shah and Dinesh Shah are accused of conspiring to commit grand theft by recruiting straw buyers through friends and family, as well as their personal employees.

Between June 2006 and October 2009, Lohia, Soni, Suniti Shah and Dinesh Shah are accused of obtaining over 15 fraudulent loans on real estate properties in Orange County through the use of straw buyers' credit. The four defendants are accused of fabricating loan applications to reflect significantly higher incomes for the straw buyers, supplying altered bank statements to reflect the higher incomes, falsifying employer information on loan documents, and forging the names and signatures of straw buyers on various deeds and loan documents.