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May.22, 2010, 12:53:11 AM PDT

SACRAMENTO — Promising more indictments to come, the U.S. Attorney's Office announced Friday that Chico real estate developer Anthony "Tony" Symmes has agreed to stipulate to single counts each of conspiracy to commit mail fraud and money laundering.

Symmes, 59, of Paradise, admitted to conspiring with Garret Griffith Gililland III, 28, a former unlicensed Chico mortgage broker, to sell 62 houses in the Chico area to "straw buyers."

Gililland, in custody in Sacramento, has pleaded not guilty to 24 counts involving mail fraud, money laundering and cultivation of marijuana. Authorities consider him a major figure in a far-ranging $100 million dollar real estate fraud.

The case against both men has been under investigation for more than two years by the IRS, the FBI and the Butte County District Attorney's Office.

Officials said Gililland approached Symmes in August 2006 and offered to take a large number of homes "off his hands" that weren't selling at their list price.

Information from the U.S. Attorney's Office states that Symmes and Gililland agreed prices on the homes would be inflated by about $40,000 to $60,000 each.

Loans were allegedly taken out on the homes at the inflated values, with Gililland, Symmes and perhaps one or two others pocketing the excess upon close of escrow.

Gililland allegedly arranged straw buyers for 46 of the homes. Using fraudulent documents, he qualified the buyers for 100-percent financing. Officials said the

atmosphere in the real estate market at the time, with homes in Chico commonly selling at inflated prices, allowed Symmes and Gililland to create artificially high comparable sales that appraisers relied upon.

Federal authorities are describing the case as a "builder bail-out scheme," and said it continued until July 2008 when Gililland, realizing that authorities were closing in, fled with his family to Colombia. They later went to Spain, where an international contingent of law enforcement officials arrested Gililland in October 2008 on a Barcelona street.

Butte County District Attorney Mike Ramsey said straw buyers for several the properties have been identified, but it hasn't been determined if any of them will be prosecuted. "In most cases they moved into the homes and got only free rent for their participation," he said.

Benjamin Wagner, U.S. Attorney for the Eastern District of California, said 38 of the 62 homes have gone into foreclosure, and another 10 have been listed as "short sales" in which lenders agree to accept less than the amount owed on the home.

Wagner estimated that the scheme has cost lenders on the properties about $5 million, and the amount is expected to climb.

The total amount lenders financed across the 62 homes was estimated at $21 million.

"One of the most distressing parts of this investigation is realizing that these criminal activities contributed to the mortgage meltdown now hurting the entire economy," Ramsey said.

Early clues found at pot raids

Ramsey said the mortgage fraud was uncovered by the Butte County Sheriff's Office during fairly routine raids on indoor marijuana grows.

"Investigators started noticing that Gililland's name came up in connection with a lot of homes where these grows were found," Ramsey said.

"On further investigation, deputies found that Symmes' name was also coming up a lot," he said.

Officials allege Gililland turned some of the empty homes built by Symmes into marijuana grows either soon after the close of escrow, or after straw buyers were evicted by lenders because mortgage payments weren't being made on the properties.

Sheriff's officials took the information to Ramsey, who said he soon realized that the apparent mortgage fraud went beyond Butte County, and alerted federal officials.

Gililland is alleged to have conspired with associates in several California counties and in other states.

During his time as a Chico resident, Gililland was remembered as a bodybuilder who enjoyed living the high life. Records show he owned several homes in the Chico area, expensive vehicles and sported a rare Jesse James motorcycle.

Ramsey said Symmes is probably the best-known person in the Chico area to become involved with Gililland, but said there are more indictments and charges expected locally.

Symmes has paid restitution, but may still face prison.

Authorities said Symmes is cooperating fully with an on-going investigation, and has already deposited $4 million into a U.S. Treasury account, which will be distributed by the court to lenders and other institutions injured in the alleged frauds.

Symmes has never been in federal custody, but will appear in U.S. District Court in the near future to formally enter a plea.

He faces a maximum penalty of 20 years in prison for the mail fraud charge and 10 years for the money laundering charge, plus a fine of up to $250,000 and three years of supervised release.

The actual sentence will be at the discretion of the court, following federal sentencing guidelines and other factors.

Symmes has built and marketed several neighborhoods in the Chico area over the last decade. Many have been in the low- to moderate-price range.