A federal grand jury in Los Angeles indicted a real estate developer and a real estate agent for bank fraud in connection with a series of "no-money-down" mortgage loan transactions.

U.S. Attorney Alejandro N. Mayorkas said the indictment named Allan "Bill" H. Juckes, 73, of Rancho Palos Verdes, and Mahlon "Mike" G. Hubbard, 63, of Manhattan Beach.

Juckes, a long-time real estate developer, is charged with secretly loaning money to the buyers of his properties so they could make down payments on their mortgage loans without the underwriters at Citibank and World Savings knowing about the true structure of the transactions.

Copyright Washington Crime News Service Feb 2, 2004
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