San Diego Finance Executive and Real Estate Broker Sentenced to Prison for Stealing Almost $50M
SAN DIEGO – Financial executive Peter Cash Doye was sentenced in federal court today to 15 years in prison for his role as the “driving force” in a massive real estate loan scheme in which he and his co-conspirators stole nearly $50 million dollars from San Diego residents and lenders.
His co-defendant, Raquel Reid, a notary public and real estate broker, was previously sentenced to 65 months for her role in the fraud. The court also ordered Doye and Reid to pay more than $43 million in restitution to the victims.
During the sentencing hearing, U.S. District Judge William Q. Hayes described the defendant as “cold blooded” and the “driving force” behind an “overwhelmingly selfish act” that was motivated by “pure unmitigated greed.” He scolded the defendant for having a “callous attitude” toward his victims, and remarked about his testimony during trial. “After you said your name, I’m hard-pressed to remember anything you said that was truthful,” Judge Hayes said.
The pair were indicted on September 19, 2017 on charges of conspiracy to commit wire fraud, wire fraud, mail fraud, and aggravated identity theft. Reid was also charged with lying to a federal agent. On November 20, 2018, after a two-week trial, a jury returned a guilty verdict on all charges against both defendants. According to the indictment and the evidence introduced at trial, the defendants defrauded lenders into making enormous loans against four multi-million dollar mansions in La Jolla and Del Mar, then used forged documents to make it appear that the loans had been paid off – thereby enabling them to secure additional loans from new lenders who believed the mansions were owned “free and clear.”
Read more: https://www.justice.gov/usao-sdca/pr/san-diego-finance-executive-and-real-estate-broker-sentenced-prison-stealing-almost-50