Yellow Pages |   News Updates |   Local Jobs |   Events Calendar |   Movie Times | Recycling
Rocklin and Roseville Today BIG DoG Countdown!
contact add event advertise 

Rocklin Man Indicted in Mortgage Fraud Case



SACRAMENTO, CA-United States Attorney Benjamin B. Wagner announced that seven people were charged with mail fraud, wire fraud, and making false statements in connection with a mortgage fraud scheme involving the purchase of at least 23 homes.

On March 28, 2013, a federal grand jury returned an indictment charging Aleksandr Kovalev, 50, of Rocklin; Arthur Chang Menefee, 42, of Stockton; Adil Qayyum, 31, of Rosele, Illinois; Jannice Riddick, aka Jannice Frazier, 30, of Sacramento; Florence Francisco, 62, of Houston, Texas; Elsie Pamela Fuller, 38, of Richmond, California; and Leona Yeargin, 46, of San Pablo, California. Fuller and Yeargin were also charged with aggravated identity theft for using stolen identification to purchase a home as part of the mortgage fraud scheme.

According to the indictment, Kovalev developed, built, and sold property in Sacramento. In a declining real estate market, Kovalev; Menefee, a licensed real estate salesperson; Riddick, a licensed real estate salesperson; and Francisco, a licensed mortgage broker, recruited others with sufficient credit scores to act as straw buyers for residential properties. Kovalev, through Menefee, Riddick, Francisco, and Qayyum, made cash incentive payments to the straw buyers. These payments were concealed from the lenders. In order to qualify for the mortgage loans, Menefee, Riddick, Francisco, and Fuller also allegedly prepared fraudulent loan applications to lenders, falsely stating the straw buyers' incomes, assets, and intents to occupy the homes as their primary residences. Further, Yeargin and Fuller used the identification of another individual without that individual's knowledge or authorization to purchase a property from Kovalev as part of the mortgage fraud scheme. Additionally, Menefee and Qayyum participated in a similar mortgage fraud scheme with respect to properties sold by individuals other than Kovalev.

This case is the product of an investigation by the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigation, and the Sacramento County District Attorney's Office. Assistant United States Attorney Todd A. Pickles is prosecuting the case.

If convicted of wire or mail fraud or of making false statements on a loan application, the defendants Kovalev, Menefee, Qayyum, Riddick, and Francisco face a maximum penalty of 30 years in prison and a $1 million fine. Fuller and Yeargin face a maximum penalty of 20 years in prison and a $250,000 fine for the charges of wire and mail fraud and a consecutive two-year sentence for the aggravated identity theft counts. Any sentences, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The charges are only allegations, and the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.


These cases were done in connection with the president's Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys' offices, and state and local partners, it is the broadest coalition of law enforcement, investigatory, and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed nearly 10,000 financial fraud cases against nearly 15,000 defendants, including more than 2,900 mortgage fraud defendants. For more information on the task force, please visit www.stopfraud.gov.





Placer County News Headlines

Honda CR-V: Revised Crossover Remains a Great BuyAlthough it's been 18 years since its unveiling, the Honda CR-V remains an extremely popular five-passenger, compact crossover sport utility vehicle.

Maui Vacation: Full of Enticing ActivitiesA trip to Maui is indeed a journey into paradise, where the temperatures never drift far from the 75-85-degree range with mild humidity.

Update on Ohio TBI SurvivorIn mid-February, I featured Daniel Mignerey of Sardinia, Ohio, my cousin's 21-year-old son, who had just experienced traumatic brain (TBI) and severe shoulder injuries from an automobile accident

Placer County Sewer Project Completed On Time & Under BudgetPlacer County celebrated an important milestone Friday in its efforts to develop a modern regional sewer system that complies with new, more stringent federal and state standards

7 Tips To Consider: Changing Your LandscapingDrought Watch:The water crisis facing California is serious and carries imminent environmental, financial and human impacts.

Rocklin Police Officers Honored by MADDOn April 23, 2015, three Rocklin Police Officers were honored at the Sacramento Region Mothers Against Drunk Drivers (MADD) at an annual luncheon

Roseville Police Warn of Grandparent ScamRoseville Police report that they have had had two elderly residents fall victim to the "grandparent scam" this month.

Roseville Crime Report Digest Update (4.24.15)Weekly crime report update digest for Roseville, April 24, 2015

Maui: Kapalua features some terrific dining optionsRest assured, there will be no shortage of great dining options when visiting the Kapalua region of Maui

Beatles Tribute in Auburn May 17thIn My Life - A Musical Theatre Tribute to the Beatles is the nationally touring musical biography of the Beatles through the eyes of manager Brian Epstein

Roseville Hosting USA Ultimate Regional ChampionshipsUSA Ultimate Southwest Regional College Championships will be held May 2-3 at Maidu Park in Roseville.

10 Billion Gallons of Water to Save a Few Fish?Drought Watch: Congressman Tom McClintock issued the following speech regarding a 10 billion gallon water release from the New Melones Dam.


NEWS: In Case You Missed It