Pasadena Real Estate Broker and Associate Arrested and Charged with $2.3 Million in Mortgage Fraud

On May 1, 2014, the Los Angeles County District Attorney's Office charged 55-year-old Allen Shay of Pasadena, and 44-year-old Eddie Turner of Altadena, with multiple felony counts of Grand Theft, Recording False Documents and Perjury. The Los Angeles County Superior Court case number is BA424226. Allen Shay is a licensed real estate broker, a former candidate for the Pasadena City Council, and a current appointed member of Pasadena's Northwest Commission. Eddie Turner is a former licensed real estate salesperson.

In January, 2005, Eddie Turner purchased a residential property on Altadena Drive in Altadena for $1.12 million. Mr. Turner borrowed $896,000 from Countrywide Home Loans to make the purchase. In August, 2005, Mr. Turner borrowed another $250,000 from Countrywide Home Loans and used the Altadena property as collateral. It is alleged that the employment, income and financial information, including a counterfeit bank statement, submitted by Mr. Turner to obtain the loans, were false.

In March, 2007, Eddie Turner, with the assistance of Allen Shay, refinanced the Altadena property and obtained two new loans from Countrywide Home Loans, one for $1,000,000 and another for $218,000. The loans obtained in 2007 paid off the previous loans obtained in 2005. It is alleged that the employment, income and financial information, including a counterfeit bank statement, submitted by Mr. Turner and Mr. Shay to obtain the 2007 loans were false. Mr. Turner and Mr. Shay also misrepresented the source of a $29,916 down payment which was deposited into escrow to obtain the loans.

In January, 2008, Eddie Turner stopped making his mortgage payments. That same year, Bank of America acquired Countrywide Home Loans and attempted to foreclose on the Altadena property. Mr. Turner was able to avoid foreclosure by transferring the Altadena property to a trust, filing bankruptcy, and applying for a loan modification. In 2012, when it appeared that foreclosure was imminent, it is alleged that Mr. Turner filed a false identity theft report with the Sheriff's Department claiming he did not take out the 2007 loans, and filed a lawsuit under penalty of perjury against Bank of America, knowing that the allegations in the lawsuit were false.

While investigating Mr. Turner's identity theft claim, sheriff's detectives learned that Mr. Turner had in fact applied for, and received, the 2007 loans. During the course of the investigation, detectives also uncovered the alleged fraudulent acts committed by Mr. Turner and Mr. Shay to obtain the loans. The total amount of the fraudulently obtained loans is $2,364,000.

On May 20, 2014, Sheriff's deputies arrested Mr. Turner at his home in Altadena, and Mr. Shay at his home in Pasadena. Both men are scheduled to be arraigned at the Clara Shortridge Foltz Criminal Justice Center, Department 30, on May 21, 2014.

Anyone with questions or information may contact the Los Angeles County Sheriff's Fraud & Cyber Crimes Bureau, Detective Christopher Derry at (562)233-8204.

Suspect Turner is wearing the brown shirt.

Suspect Shay is wearing the gray shirt.

Forwarded By:

Sheriff's Headquarters Bureau - Newsroom

Los Angeles County Sheriff's Department




Follow us at: Text and Emails, LASD HQ:

Twitter: @LASDHQ

Twitter: @LASDtalk

Twitter: @LASDvideos

Twitter: @LASDespanol

Facebook LASD HQ:

Instagram LASD Photos:

Pinterest LASD Photos :

YouTube LASD Videos:

Alert LA County: Telephone emergency mass notification system

SNAP LA County: Specific Needs Disaster Voluntary Registry

Text & Email, Register for LASD Nixle messages: To receive more detailed, up-to-date information via E-MAIL and/or TEXT directly from the Los Angeles County Sheriff's Department (LASD), sign up for "Nixle" alerts at and register for "LASD Headquarters Newsroom (SHB), Los Angeles County Sheriff" AND your local LASD station area. Or, to receive URGENT TEXT ALERTS ONLY, text your zip code to 888777. Standard text messaging rates may apply depending on your calling plan.

"If You See Something, Say Something" ... LA Crime Stoppers: Partner to prevent or report crime by contacting your local Sheriff's station. Or if you wish to remain Anonymous, call "LA Crime Stoppers" by dialing 800-222-TIPS (8477), texting the letters TIPLA plus your tip to CRIMES (274637), or using the website

John L. Scott, Sheriff

Los Angeles County Sheriff's Department


arrest in $2.3 Million Mortgage fraud
arrest in $2.3 Million Mortgage fraud

The® website has made reasonable efforts to provide an accurate translation. However, no automated or computerized translation is perfect and is not intended to replace human or traditional translation methods. The official text is the English version of® website. If any questions arise concerning the accuracy of the information presented by the translated version of the website, please refer to the English edition of the website, which is the official version.
Los Angeles County Seal

© Copyright 2014 .  LASD. All Rights Reserved             LASD Badge and Patch are Registered Trademarks.