Thursday, December 18, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Federal grand jury indicts president of Seeno affiliate Discovery Sales

By
From page B7 | May 21, 2014 |

FAIRFIELD — The president of Discovery Sales Inc. was arrested Monday after being indicted for his role in an alleged mortgage fraud scheme that authorities say cost lenders more than $150 million.

Ayman Shahid, 38, of Danville, was indicted May 15 by a federal grand jury in Oakland. The indictment was unsealed after his arrest in Concord.

Shahid pleaded not guilty on Monday in federal court in Oakland to conspiracy to commit bank fraud and 17 bank fraud counts, the Contra Costa Times reported.

Shahid’s attorney, Jim Brosnahan, said the case against his client was “very weak.”

“The case never should have been brought,” he told the Contra Costa Times. “And when we get to court, the evidence will prove it.”

Shahid faces allegations of conspiracy to commit bank fraud and 17 individual counts of bank fraud in connection with homes sales between November 2006 and October 2008 in Contra Costa and Alameda counties.

Discovery Sales, with headquarters in Concord, sold homes built by Discovery Builders and the Albert D. Seeno Construction Co.

Authorities suspect that Shahid masterminded a scheme to have banks approve mortgage loans for unqualified buyers at the height of the financial crisis. The alleged scheme included paying undisclosed incentives to unqualified homebuyers, and then hiding those incentives from appraisers and bank underwriters so the loans would get approved, according to the indictment.

Home purchases involved in the alleged scheme sold for a combined $230 million. The banks that backed those loans lost $150 million when homes went into foreclosure or were subject to short sales, according to federal authorities.

This is the second high-profile arrest in as many years for the allied companies.

A sales director for Discovery Builders and the Albert D. Seeno Construction Co. surrendered to federal authorities in February 2012, two years after federal authorities raided the companies’ Concord offices.

She was suspected of participating in a fraud scheme that allegedly sought to inflate the value of four homes in August 2008 in a struggling Pittsburg development that was owned by her employer.

Allegations in that case are similar to those described in the May 15 indictment of Shahid.

Various Seeno companies have a long history in Solano County. They have built more than 15 developments over the years, including Cordelia Villages, Southbrook and Collection at Paradise Crest in Fairfield, Heritage Park and Laurel Creek in Suisun City and North Village and Westgate in Vacaville.

Discovery Builders at some point plans to build the Fieldcrest subdivision and the Villas at Havenhill apartments in Fairfield. The company has submitted new home plans for The Cottages of Fairfield project near Veterans Neighborhood Park. The Seeno Company submitted plans in February for a second phase of Gold Hill Village near Interstate 680 and Gold Hill Road.

The Associated Press contributed to this report. Reach Glen Faison at 427-6925 or gfaison@dailyrepublic.net. Follow him on Twitter at www.twitter.com/GlenFaison.

Glen Faison

Glen Faison

Glen Faison joined the Daily Republic as managing editor in September 2009. He previously worked as a reporter and editor for daily and weekly newspapers in the San Joaquin Valley for 20-plus years. His experience includes time as editor of the Golden Eagle, a military paper serving the Lemoore Naval Air Station. He graduated from Fresno State University with a bachelor's degree in journalism and bleeds Bulldogs red. He is an avid Washington Redskins fan, and attended the 1988 NFC Championship Game against the Minnesota Vikings at RFK Stadium. He married his wife, Jill, in 2005, and has three children: Courtni, Tyler and Hayli.
LEAVE A COMMENT

Discussion | 1 comment

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

Solano College trustees move back ‘home’

By Susan Winlow | From Page: A1 | Gallery

 
Needs of small dog give Solano man life’s mission

By Ian Thompson | From Page: A1, 5 Comments | Gallery

 
Christmas comes early for prenatal program participants

By Susan Hiland | From Page: A2 | Gallery

Jury convicts teen for role in 2012 DeBartolo’s heist

By Jess Sullivan | From Page: A3, 3 Comments | Gallery

 
Police chief: Suisun crime up 3 percent in 2014

By Ian Thompson | From Page: A3, 2 Comments | Gallery

 
Council OKs $65,730 pact to advocate for Travis base

By Ryan McCarthy | From Page: A3

 
Fairfield pays $42,500 to settle soil suit

By Ryan McCarthy | From Page: A3

 
 
Fairfield police log: Dec. 16, 2014

By Susan Hiland | From Page: A10

Fairfield police log: Dec. 15, 2014

By Susan Hiland | From Page: A10

 
Suisun City police log: Dec. 16, 2014

By Susan Hiland | From Page: A10

Suisun City police log: Dec. 15, 2014

By Susan Hiland | From Page: A10, 1 Comment

 
.

US / World

US, Cuba patch torn relations in historic accord

By The Associated Press | From Page: A1, 1 Comment

 
Fears fanned by hackers bring down Sony film

By The Associated Press | From Page: A1, 1 Comment

 
Like Iran, secret diplomacy leads to US-Cuba thaw

By The Associated Press | From Page: A1

Pope played crucial role in US-Cuba rapprochement

By The Associated Press | From Page: A1

 
US travel industry carefully eyeing Cuba tourism

By The Associated Press | From Page: A1

US-Cuba thaw could benefit farmers, energy and travel firms

By The Associated Press | From Page: A1

 
Cubans cheer historic renewal of US relations

By The Associated Press | From Page: A1, 2 Comments

Freed American endured years of declining health

By The Associated Press | From Page: A1

 
Bay Bridge light sculpture to keep on shining

By The Associated Press | From Page: A4, 4 Comments

Study: Huge wildfire supports need for controlled burns

By The Associated Press | From Page: A5

 
A fresh setback for efforts to cure HIV infection

By The Associated Press | From Page: A5, 1 Comment

14 charged in deadly 2012 meningitis outbreak

By The Associated Press | From Page: A5

 
Study: Alcatraz inmates could have survived escape

By The Associated Press | From Page: A5

Nigerian court sentences 54 soldiers to death

By The Associated Press | From Page: A6

 
Colombian rebels announce unilateral cease-fire

By The Associated Press | From Page: A6

Russians flock to stores to pre-empt price rises

By The Associated Press | From Page: A6, 1 Comment

 
Pakistan buries victims of school massacre

By The Associated Press | From Page: A6, 1 Comment

.

Opinion

 
Crime Witness Protocol 101

By Kelvin Wade | From Page: A7, 8 Comments

 
Editorial Cartoons: Dec. 18, 2014

By Daily Republic Syndicated Content | From Page: A7

 
.

Living

Today in History: Dec. 18, 2014

By The Associated Press | From Page: A2

 
Community Calendar: Dec. 18, 2014

By Susan Hiland | From Page: A2

Horoscopes: Dec. 18, 2014

By Holiday Mathis | From Page: A9

 
My siblings don’t want to replace abusive mother’s pacemaker

By Kathy Mitchell and Marcy Sugar | From Page: A9

.

Entertainment

25 movies chosen for the National Film Registry

By The Associated Press | From Page: B4

 
Saving Private Ryan’ among films being preserved

By The Associated Press | From Page: B4

TVGrid

By Daily Republic Syndicated Content | From Page: B4

 
.

Sports

For MLB, changes in Cuba will take time to sort out

By The Associated Press | From Page: B1

 
Falcons cruise by crushers in girls basketball

By Paul Farmer | From Page: B1, 1 Comment | Gallery

49ers release McDonald amid further legal trouble

By The Associated Press | From Page: B1

 
Carr faces another tough test in rookie season

By The Associated Press | From Page: B1

Painkillers lawsuit against NFL dismissed; may be appealed

By The Associated Press | From Page: B2

 
Garcia resigns as FIFA prosecutor

By The Associated Press | From Page: B2

Chattanooga women stun No. 7 Stanford 54-46

By The Associated Press | From Page: B2 | Gallery

 
Track coach Drummond gets 8-year doping suspension

By The Associated Press | From Page: B2

Warriors’ Bogut out with knee injury vs. Thunder

By The Associated Press | From Page: B2

 
AP source: Romo close to $15M, 2-year deal with Giants

By The Associated Press | From Page: B2

Baseball monitoring White House Cuba decision

By The Associated Press | From Page: B2

 
APNewsBreak: Judge rejects NCAA concussions deal

By The Associated Press | From Page: B2

 
This date in sports history for Thursday, Dec. 18, 2014

By The Associated Press | From Page: B3

.

Business

Health care exchange sign-ups exceeding last year

By The Associated Press | From Page: B5

 
Fed to be ‘patient’ about a rate hike; stocks soar

By The Associated Press | From Page: B5

McDonald’s in Japan limits orders of fries

By The Associated Press | From Page: B5

 
Amid scrutiny, Uber says it will focus more on safety

By The Associated Press | From Page: B5

.

Obituaries

Ernest “Ernie” Moretti

By Nancy Green | From Page: A4

 
Jennie Ponce Reyes

By Nancy Green | From Page: A4

Patricia “Pat” Anne Stringfield-Pierre

By Nancy Green | From Page: A4

 
Marian L. “Chicki” Downs

By Nancy Green | From Page: A4

.

Comics

Beetle Bailey

By Daily Republic Syndicated Content | From Page: A8

 
Frank and Ernest

By Daily Republic Syndicated Content | From Page: A8

Zits

By Daily Republic Syndicated Content | From Page: A8

 
Sally Forth

By Daily Republic Syndicated Content | From Page: A8

Garfield

By Daily Republic Syndicated Content | From Page: A8

 
Peanuts

By Daily Republic Syndicated Content | From Page: A8

Dilbert

By Daily Republic Syndicated Content | From Page: A8

 
Get Fuzzy

By Daily Republic Syndicated Content | From Page: A8

For Better or Worse

By Daily Republic Syndicated Content | From Page: A8

 
B.C.

By Daily Republic Syndicated Content | From Page: A8

Rose is Rose

By Daily Republic Syndicated Content | From Page: A8

 
Blondie

By Daily Republic Syndicated Content | From Page: A8

Pickles

By Daily Republic Syndicated Content | From Page: A8

 
Baldo

By Daily Republic Syndicated Content | From Page: A8

Baby Blues

By Daily Republic Syndicated Content | From Page: A8

 
Wizard of Id

By Daily Republic Syndicated Content | From Page: A8

Word Sleuth

By Daily Republic Syndicated Content | From Page: A9

 
Crossword

By Daily Republic Syndicated Content | From Page: A9

Cryptoquote

By Daily Republic Syndicated Content | From Page: A9

 
Sudoku

By Daily Republic Syndicated Content | From Page: A9

Bridge

By Daily Republic Syndicated Content | From Page: A9