Mortgage "Fraudster" Flees on Private Jet

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Mortgage "Fraudster" Flees on Private Jet
Posted By: George Warren 2 days ago
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Update: Second Warrant Issued in $100M Mortgage Fraud

SACRAMENTO, CA - The mortgage broker who admitted on his company Web site that he had been involved in massive mortgage fraud was charged Thursday in connection with what was described as a $100 million scam.

The complaint was sworn by an IRS agent who said Christopher Warren, 27, fled the country on a private jet on Monday, the same day he replaced the home page of the Triduanum Financial Web site with a seven-page essay outlining his crimes and asking for forgiveness.

The complaint, filed in Sacramento federal court, is based in part on the confession that appears on Warren's Web site and was first reported Monday by News10.

"The complete operation was highly illegal and a Ponzi scheme," Warren wrote. "Still, I had no problems getting close to $50 million in mortgages purchased and closed."

Warren is charged with bank fraud, mail fraud, and conducting a financial crimes enterprise. The charges stem from Warren's earlier association with Roseville-based Loomis Wealth Solutions and related enterprises described by the IRS as a Ponzi scheme involving 500 properties in five states with losses estimated at $100 million.

The complaint alleges Warren committed his crimes at Loomis Wealth Solutions between September 2007 and July 2008, sometimes using the name Mark A. Seagrave.

Authorities raided the offices and home of the founder of Loomis Wealth Solutions, Lee Loomis, last summer. Sources say the investigation continues.

Warren incorporated Triduanum Financial after leaving Loomis Wealth Solutions. Triduanum, a mortgage banking operation based on Tech Center Drive in Sacramento, folded last month after apparently overextending its credit line.

In an email to News10 Sunday, Warren offered a "tell all" interview. "If you want to do any kind of coverage it would need to be tomorrow or Monday before 10 am PST," he wrote.

The IRS did not say what time Warren's plane left the country Monday.

Warren's attorney, Donald Heller, told News10 he didn't know where Warren is. Heller offered an apology to federal authorities who were derided in Warren's online essay.