A former top-performing real estate agent is facing the prospect
of making a prison cell her new home after being arrested for
taking part in an alleged mortgage fraud scheme.
A former top-performing real estate agent is facing the prospect of making a prison cell her new home after being arrested for taking part in an alleged mortgage fraud scheme.

Gloria Alvarez – an agent for the now-closed Su Casa real estate brokerage in San Jose – was taken into custody Wednesday as she walked out of settlement conference in a Santa Clara County courtroom.

Prosecutors say the 40-year-old Alvarez and two relatives defrauded three lending institutions and several clients out of millions of dollars by using so-called “straw buyers” to falsify loan applications.

Alvarez is charged with 11 felony counts, including grand theft.

Prosecutors say she’s facing up to 14 years in prison, if convicted.

Alvarez’s son – Ricardo Alvarez – and her sister – Patricia Alvarez are also charged in the complaint.

The son has been taken into custody, but the sister has not been arrested yet.

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