July 5, 2025 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Man Faces Prison After Conning Churches in Multi-Million Dollar Mortgage Fraud Scheme

A Los Angeles man who used his job in a bank to help a co-defendant con churches into participating in a $4.2 million mortgage fraud scheme faces a federal prison term at sentencing today.

Paul Ryan, 48, pleaded guilty in 2014 to one count of receiving bribes and rewards as an employee of Broadway Federal Bank, according to the U.S. Attorney’s Office. He faces up to 30 years in federal prison, and has agreed to pay restitution of nearly $354,000 to Broadway Federal, court papers show.

In February, co-defendant Chester Peggese, 59, was handed a year behind bars and five years of probation for his part in the scheme.     Peggese, also from Los Angeles, admitted telling local churches that he was a consultant who could assist in obtaining mortgage loans to purchase property or in obtaining loans to refinance existing mortgages from Broadway Federal.

Between 2007 and 2009, Peggese met with church representatives and obtained financial information required as part of loan applications. Co- conspirators altered the financial information provided to make it appear as if the churches were more financially sound than they were.

Based upon the false statements, Broadway Federal issued mortgages and Peggese received payment out of escrow on the loans, kicking back a portion to Ryan, according to court documents.

Peggese was ordered to pay restitution of $4.2 million to Broadway Federal and $38,609 to the Internal Revenue Service, prosecutors said.

Related Posts

Michael Madsen, Star of Reservoir Dogs and Kill Bill, Dies at 67 in Malibu

July 4, 2025

July 4, 2025

Actor Remembered for His Intense Performances and as a Poet  Actor Michael Madsen, known for his distinctive gravelly voice and...

Los Angeles City Council Cracks Down on ‘Disaster Tours’ in Pacific Palisades

July 4, 2025

July 4, 2025

City Council Bans Commercial Bus Tours in Burn Zone Amid Community Backlash Tour buses that have been operating in fire-ravaged...

Tow Truck Scammers Target Crash Victims Across L.A.: Authorities Warn of Fraud at Accident Scenes

July 4, 2025

July 4, 2025

Officials Urge Drivers to Stay Alert After Collisions as Rogue Operators Demand Inflated Fees  Motorists involved in vehicle accidents are...

Woman Dies After Melrose Store Altercation: LAPD Launches Homicide Investigation

July 4, 2025

July 4, 2025

Critically Injured Young Woman Died July 2, After She was Badly Beaten at Work  The death of a woman critically...

CHP Officer Dies in Culver City Crash: Medical Emergency Suspected Behind Tragic Incident

July 4, 2025

July 4, 2025

Officer lost consciousness while transporting a suspect before crashing into a tree California Highway Patrol Officer Miguel Cano died early...

L.A. Beaches Brace for Holiday Rush: Over 1 Million Visitors Expected This Fourth of July

July 4, 2025

July 4, 2025

County Officials Urge Beachgoers to Pack Out Their Trash and  Monitor Water Quality More than one million visitors are expected...

(Video) A visit to New York Bagel & Deli in Santa Monica

July 3, 2025

July 3, 2025

Authentic NY Style Bagels with Extra Creamy Cream Cheese and Multi-Cultural Desserts. Located at 2216 Wilshire Blvd. A visit to...

Hot Dogs & Rosé: Something About Her and The Culver Hotel Roll Out Summer Specials

July 2, 2025

July 2, 2025

Westside Venues to Serve Playful Bites and Seasonal Sips For the Holiday Weekend A bold new offering is making its...

NeueHouse Hosts Bold One-Night Dinner With Culinary Phenomenon Diego Argoti

July 2, 2025

July 2, 2025

Acclaimed Chef Brings Culinary Mischief With a Five-Course Tasting Experience. NeueHouse Hollywood will host an exclusive, one-night-only dining event on...

(Video) Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles

July 2, 2025

July 2, 2025

Go To Homefrontbuild.com For More Information @home_front_build Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles Go...

405 Crash Near the Getty Sends Three to Hospital: Two Seriously Hurt Near Site Where LAPD Sgt. Died

July 2, 2025

July 2, 2025

Early Morning Multi-Vehicle Collision Shut Down Lanes Near Brentwood Three men were injured and traffic was snarled for hours following...

Elephants Take Over Beverly Hills: Global Art Exhibit Makes Final Stop at Beverly Gardens Park

July 1, 2025

July 1, 2025

Traveling Installation of Life-Size Sculptures Crafted by Indigenous Artisans Arrives in Beverly Hills Life-size sculptures of Indian elephants have arrived...

Pentagon Orders Troop Drawdown in LA: 150 National Guard Members Reassigned to Wildfire Duty

July 1, 2025

July 1, 2025

Federal Forces Begin Partial Withdrawal From Protest Response as California Leaders Push Back U.S. Northern Command announced Tuesday that 150...

California Highway Patrol Deploys for Independence Day Enforcement Surge

July 1, 2025

July 1, 2025

All Available Officers to Hit California Highways for Holiday Weekend As Californians gear up for Fourth of July festivities, the...

Court Postpones Arraignment for Driver in Malibu Crash That Killed Four Students

July 1, 2025

July 1, 2025

Fraser Michael Bohm Faces Murder Charges in Fatal PCH Wreck  The arraignment for Fraser Michael Bohm, the 23-year-old man accused...