Source: SF Chronicle —
Politically connected San Francisco real estate mogul Victor Makras was found guilty Friday of bank fraud and making false statements to a bank, the latest conviction in the tangled web of San Francisco’s City Hall corruption scandal that has ensnared a bevy of city leaders and business officials.
Federal prosecutors convinced the jury that Makras defrauded mortgage lender Quicken Loans in a $1.3 million real estate loan to former Public Utilities Commission head Harlan Kelly, who has yet to be tried on a number of charges, including for his own role in this scheme.
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Unfortunately these situations happen far to often within the real estate realm…. and it’s not only a local issue, it’s a global problem. Here in Europe these scandals also occur, not only in the big cities but also in the small towns and villages.