Three Bay Area real estate professionals have been sentenced to federal prison for their involvement in a $55 million mortgage fraud conspiracy. The scheme, which ran from 2018 to 2022, resulted in the submission of fake income documents to secure approximately 102 home loans.
The defendants—Tjoman Buditaslim, 52; Jose De Jesus Martinez, 59; and Jose Alfonso Tellez, 27—were sentenced to 24, 14, and 12 months in prison, respectively. In addition to their prison terms, U.S. District Judge Charles R. Breyer ordered the trio to collectively pay more than $3 million in restitution and serve three years of supervised release after their sentences.
The charges stem from an indictment handed down in November 2023, where all four individuals, including the fourth defendant Travis Holasek, 52, pleaded guilty to conspiracy to commit wire fraud. According to authorities, Buditaslim, a former real estate broker whose license was revoked in 2019, created falsified financial documents—such as fake bank statements and divorce decrees—to help unqualified applicants secure loans.
Martinez, a real estate agent, referred clients to Buditaslim, knowing their loan applications would include fraudulent information. He earned nearly $590,000 in commissions from these fraudulent deals. Tellez, a loan officer, processed 30 of the fraudulent loans, earning $134,000 in commissions.
United States Attorney Ismail J. Ramsey stated, “The defendants tried to line their own pockets at the expense of homebuyers, lenders, and federally insured programs. Today’s sentences hold the defendants accountable for their conduct.”
This case serves as a stark reminder of the legal consequences for those who engage in fraudulent activities in the real estate and mortgage industry.
