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Former President and CEO of Modesto Real Estate Brokerage Pleads Guilty to Fraud Charges
Department of Justice, Dec 12, 2006
United States Attorney Kevin V. Ryan announced that Tony J. Daniloo, the former President and CEO of a Modesto real-estate brokerage company, pleaded guilty to 122 charges of fraud and money laundering in connection with a scheme to defraud homeowners and lenders of millions of dollars in cash.
Mr. Daniloo, 32, of Turlock, California, was indicted by a federal grand jury on August 31, 2006. The grand jury charged him with 41 counts of wire fraud, in violation of 18 U.S.C. § 1343; four counts of mail fraud, in violation of 18 U.S.C. § 1341; and 77 counts of money laundering, in violation of 18 U.S.C. § 1956(a)(1)(A)(i).
Roger L. Wirth, Special Agent In Charge of IRS-Criminal Investigation, said: “Mortgage fraud is a crime with many victims, including unsuspecting homeowners and lending institutions, who suffer significant losses while perpetrators such as Mr. Daniloo pocket the proceeds for their personal benefit. IRS-CI is proud to be a part of the great team effort in this investigation and we will continue to contribute our financial expertise to help unravel complex financial crimes and money laundering schemes.”
In total, according to publicly-filed documents, Mr. Daniloo defrauded homeowners of nearly $7 million in cash that the victim homeowners had intended be used for their own cash needs.