A Complex Fraud Scheme Involving Steven Tetsuya Morizono and Albert Lugene Lim

A Complex Fraud Scheme Involving Steven Tetsuya Morizono and Albert Lugene Lim
A Complex Fraud Scheme Involving Steven Tetsuya Morizono and Albert Lugene Lim
Two individuals charged in a fraud

Mortgage Fraud and other activities

Indictments have been handed down against Steven Tetsuya Morizono, 59, of Mission Viejo, California, and Albert Lugene Lim, 53, of Laguna Niguel, California, a ringleader and his brother-in-law, respectively, for their roles in a multi-state scheme involving mortgage fraud, credit repair, and fraudulently obtaining government loans.

The indictment has not been made public to the other defendants who have been charged but are not yet in custody.

Steven Tetsuya Morizono and Lim responsible

The 33-count indictment that was handed down on March 16, 2022 states that Steven Tetsuya Morizono and Lim were responsible for leading the conspiracy. Morizono is said to have been the mastermind behind the scheme as well as the namesake of the company that pretended to operate under the name Jeff Funding while using the alias Jeff. In line with the accusations, he also used the alias Jeff.

In point of fact, it has been alleged that Jeff Funding participated in a multi-tiered scam with the intention of defrauding mortgage lending companies, banks, the Small Business Administration (SBA), and the Federal Trade Commission (FTC).

According to the allegations made in the indictment, members of the conspiracy recruited customers for credit repair services using fictitious company names such as KMD Credit, KMD Capital, and Jeff Funding, amongst others. They allegedly “cleaned” the credit histories of their customers by providing the Federal Trade Commission with false reports of identity theft.

After inflating their clients’ credit worthiness through fraudulent means, the co-conspirators are accused of obtaining fraudulent credit cards, disaster loans, and mortgages for themselves and their clients.

In addition to this, the co-conspirators lied about their own creditworthiness in order to improve their own standing. It is speculated that they were successful in accomplishing this objective by making up statements and documents to support their claims.

According to the allegations, Steven Tetsuya Morizono and his crew remained in control of the properties even after they were purchased in the names of their clients. According to the allegations made in the indictment, the objective was to amass a portfolio of real estate worth millions of dollars and enrich themselves with the income from the properties they rented out.

Should they be found guilty, Steven Tetsuya Morizono and Lim could spend up to 30 years in federal prison and be fined a maximum of one million dollars.

They are scheduled to appear in front of the United States Magistrate Judge Sam S. Sheldon today at 2:00 p.m. for their arraignment.

Heather Ann Campos, age 43, and David Lewis Best Jr., age 58, both of Houston, are also wanted on outstanding warrants for their arrest. Both of these individuals are considered to be fugitives. Anyone who knows anything about their whereabouts is asked to get in touch with the United States Postal Inspection Service at the number 281-512-8525.

Jennifer B. Lowery, the United States Attorney, is the one who made the announcement.

Jennifer B. Lowery

The investigation was carried out by the Office of Inspector General (OIG) of the Federal Housing Finance Agency, the U.S. Postal Inspection Service, the Office of Inspector General of Housing and Urban Development, and the Office of Inspector General of the Small Business Administration, with the assistance of the Office of Inspector General of the Federal Trade Commission and the Criminal Investigation Division of the Internal Revenue Service. The prosecution of the case is being handled by Assistant United States Attorneys Kate Suh and Jay Hileman.

Not to be confused with evidence, an indictment is a formal accusation of criminal conduct. Unless proven guilty through the proper application of the law, a defendant enjoys the presumption of innocence.

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