Fraud scheme ends in conviction of California mortgage "president"

A California businessman faces sentencing this summer after being convicted last week of 100 felony counts for his involvement in a fraud scheme, which led to numerous victims losing homes. 

Robert Sedlar, former president of Grand View Financial, was found guilty in state Superior Court in Sacramento, California, on counts that included conspiracy, filing a false document, grand theft, elder abuse and prohibited acts by a foreclosure consultant. Between 2015 and 2019, his company targeted at-risk homeowners statewide — many of whom were elderly and in financial distress — with promises to wipe out their mortgage lien in exchange for transfer of the title deed to Grand View and fee payment. Homeowners were guaranteed their debt would be eliminated when the deed was returned to them.    

The scheme resulted in losses worth over $7 million, and Grand View's victims all eventually lost their properties. Sedlar will be sentenced on July 21. 

"Individuals who prey on vulnerable communities to enrich themselves will be held accountable by the California Department of Justice," said Attorney General Rob Bonta. "My office will continue to work with our law enforcement partners to identify and prosecute those who disregard the rule of law."

Sedlar, along with co-conspirators Steve Rogers and Audrey Gan, had promoted Grand View as an investment company able to provide mortgage assistance and help clients avoid foreclosure, claiming their program was backed by the Department of Justice. After homeowners transferred deeds over to Grand View, the three perpetrators filed false documents in courts and county recorders' offices as well as false bankruptcy reports while continuing to collect fees, or rent, from the victims. They also procured loans backed by the properties. Their filings delayed foreclosure but did nothing to eliminate mortgage debts.

Sedlar, Rogers and Gan were all indicted by a grand jury in Sacramento Superior Court in 2019 after testimony from 27 witnesses. Rogers and Gan pleaded guilty before trial. 

Victims resided in nine counties throughout the state. The indictments and arrests came after a joint investigation involving several federal and local agencies.   

Sedlar's conviction follows recent moves by New York State legislature to strengthen deed theft laws. If those efforts prove successful, deed theft would be classified as a criminal act in the Empire State. Late last year, New York's attorney general also indicted five people for their involvement in a deed theft ring.

No database keeps track of nationwide deed theft, making losses difficult to calculate. Last fall, two Democratic representatives introduced the Good Documentation and Enforcement of Estate Deeds Act that would strengthen protections and mandate the Federal Bureau of Investigation to add a deed fraud category to its Uniform Crime Reporting program.