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POSTED: 7:27 pm PST February 21, 2012

UPDATED: 7:29 pm PST February 21, 2012

SAN DIEGO -- A well-known real estate agent with a big presence in the San Diego community is facing accusations of mortgage fraud. Real estate agent Eric Elegado and his wife, Charmagne, are accused of committing mortgage fraud on sales transactions the couple made between 2002 and 2007.In the court Tuesday, a prosecutor from the U.S. Attorney's Office accused the Elegados and their associates of targeting low-income families and helping falsify documents so those families could qualify for loans.The couple was arrested at their gated, rented North County home on Friday morning. Seven others who worked for Eric Elegado were also arrested and charged.Elegado ran the successful E Real Estate and Loans, and he was recognizable on the Internet and through bus bench ads.Prosecutors said he and his wife of 23 years took advantage of low-income homebuyers by obtaining mortgage loans for unqualified homebuyers. According to a criminal indictment, the couple and the other employees would falsify the employment and salary information on loan documents such as false W-2 forms, bank statements, rental income statements, ownership records and bank deposits on behalf of borrowers.In total, they closed on more than 100 loans. 10News learned almost all those loans have defaulted or the homes have been foreclosed."The prosecution has claimed there are phony applications. We have no reason to believe that at this point," said Eric Elegado's attorney Paul Pfingst.Pfingst, a former San Diego County district attorney, added that the couple care for their five children and Charmagne's ailing parents in their rented home and are by no means wealthy."The Elegados are not rich people. The prosecution would have you believe they made millions of dollars," Pfingst said.Charmagne Elegado posted bail on Tuesday evening. Her husband could be released later this week.Facing multiple counts of conspiracy, wire fraud, money laundering and criminal forfeiture in the case along with the Elegados are 28-year-old Minh Nguyen of San Marcos; and San Diego residents Theodore Cohen, 54; Alexander V. Garcia, 38; Roderick Huerto, 34; Ramin Lotfi, 36; Roman Macabulos, 38, and Regidor Pacal, 51.

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Local Real Estate Agent, Wife Face Federal Fraud Charges