Real Estate Agent Sentenced to Six and a Half Years in Federal Prison for Housing Fraud

Recently, a real estate agent residing in the San Francisco East Bay was sentenced in Federal Court in San Francisco to six and a half (6 ½) years in prison for a sophisticated housing fraud scheme using a phony mortgage company. Robert Jacobsen was sentenced on one (1) count of wire fraud and one (1) count of carrying out an illegal financial transaction. He pleaded guilty to both counts in exchange for the prosecutors dropping twelve (12) other counts arising out of a 2015 indictment. Allegedly, he sold two (2) homes in San Francisco and Danville to buyers who were not told that the properties were “under water.”

Shannon B. Jones, Partner

Danville Office

208 W. El Pintado Road

Danville, CA 94526

Tel: 925.837.2317

San Jose Office

111 North Market Street, Suite 300

San Jose, CA 95113

Tel: 408.363.3635

Sacramento Office

770 L Street, Suite 950

Sacramento, CA 95814

Tel: 916.368.1000