3 Bay Area real estate professionals sentenced to prison in $55 million fraud scheme

By Bay City News

Three Bay Area real estate professionals have been sentenced to federal prison for their roles in a $55 million mortgage fraud conspiracy, the U.S. Attorney’s Office announced.

Tjoman Buditaslim, 52, Jose De Jesus Martinez, 59, and Jose Alfonso Tellez, 27, were sentenced to 24 months, 14 months, and 12 months in prison, respectively, a news release on Tuesday said.

Senior U.S. District Judge Charles R. Breyer also ordered the three to collectively pay more than $3 million in restitution and serve three years of supervised release following their prison terms.

The three, along with a fourth defendant, Travis Holasek, 52, were indicted in November 2023 on charges of wire fraud and conspiracy to commit wire fraud, authorities noted. All four pleaded guilty to conspiracy to commit wire fraud.

The scheme was carried out from 2018 to 2022, which involved submitting fake income documents to secure approximately 102 home loans totaling $55 million, the news release said.

Buditaslim, a former real estate broker whose license was revoked in 2019, admitted to creating falsified financial documents, including fake bank statements and divorce decrees, to help unqualified applicants secure loans, the U.S. Attorney’s Office said.

Martinez, a real estate agent, referred clients to Buditaslim, knowing the loan applications would include fraudulent information. He earned nearly $590,000 in commissions from the deals, according to his plea agreement.

Meanwhile, Tellez, a loan officer, knowingly processed 30 fraudulent loans, earning $134,000 in commissions, his plea agreement noted.

“The defendants tried to line their own pockets at the expense of homebuyers, lenders, and federally insured programs,” said United States Attorney Ismail J. Ramsey on Tuesday. “Today’s sentences hold the defendants accountable for their conduct.”