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Appraiser found guilty in $40 million home-flipping fraud

Lila Rizk is one of ten people convicted in scheme that involved flipping homes.
/ Source: The Orange County Register

A Trabuco Canyon real estate appraiser and a Beverly Hills broker were convicted Monday for their roles in a $40 million fraud that involved "flipping" homes – or buying and then quickly reselling them – in some of California's most prestigious neighborhoods, federal prosecutors said.

Lila Rizk, 42, a licensed appraiser from Trabuco Canyon, and Kyle Grasso, 38, a Beverly Hills real estate agent, were found guilty by a jury of conspiracy, bank fraud, and numerous loan fraud charges after a five-week trial in federal court in Los Angeles. In addition, Grasso was convicted of three counts of money laundering.

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