Valley Man Faces 140 Felony Charges in Real Estate Fraud Case

Thursday, May 24, 2007

Itica Milanes
More: Bio, abc30.com News Team

05/23/2007 (KFSN) -- Investigators say 54-year old Phillip Contreras conducted appraisals illegally by using his boss's license. Police call it the perfect scam because he used his employer's license and reputation.

Phillip Contreras is accused of posing as a licensed real estate appraiser and forging his boss' signature on dozens of home appraisals.

Lt. Don gross, Fresno Police Department says, "...and what he was doing is using the company's license without the knowledge or approval of the company to do these appraisals around Fresno County and pocket the money and send the product on through."

Police don't want to reveal the name of the appraisal company Contreras worked for yet because they're still investigating; but, they believe he's been doing it for 3 years.

He's charged with 142 counts of forgery, grand theft, identity theft and doing business without a license.

Michael Keller, real estate appraiser, says, "It's happening all over the country right now." Keller is a certified appraiser in the business for 37 years. He says the real estate boom a few years ago forced appraisal firms to hire employees with no experience in the real estate field. "Now, things have slowed down, so these employees are without work, doing work on the side, forging the signatures of the licensed appraiser."

So, what does that mean for those who got home appraisals from Contreras?

Michael Keller says it can have serious effects. You can get in too deep on the value of the loan.

Lt. Don Gross says the dollar value could be correct but the report itself may be invalid as a result because it was not licensed. Police say there are at least 36 victims, but believe there are many more.

The homeowner should do a background check of their own, make sure they get a licensed or preferably a certified appraiser with the State of California. If you believe you've done business with this man, Fresno Police are asking that you call them.

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