A former real estate broker on the Central Coast is facing a prison term after entering a guilty plea to a charge from an illegal property flipping scheme.
Federal prosecutors say Timothy William Barnes made false statements to banks about the fair market values of some homes, and then purchased the properties from them at below market values. They say the 37 year old man admitted that in some case, while he was negotiating the so-called “short sales,” he already had buyers lined up at higher prices.
The former San Luis Obispo broker, who now lives in San Francisco, entered a guilty plea to one count of bank fraud. He could receive up to a 30 year sentence when he goes before a judge for sentencing in June.