Yellow Pages |   News Updates |   Local Jobs |   Events Calendar |   Movie Times | Recycling
Rocklin & Roseville Today Local Events

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

Roseville Flash Crime Report (5.23.16)Roseville police crime report digest update for May 23, 2016.

Local Team Wins Spirit CUP at SMUD Solar RegattaRocklin, CA- The Sierra College Solar Energy program Team competed last Saturday May 14th in the Northern California SMUD Solar Regatta

Roseville Area Organization Helps Guardian Scholars ProgramRoseville, CA- Sierra College Guardian Scholars Program thanks the ALPHA DELTA KAPPA Organization for their generous donation to our Former Foster Youth

Startup Hustle Demo Night on May 26(ROCKLIN) -The newest startups in town will be making their pitches on May 26 at 1108 R Street from 5:30 to 7:30.

Placer County Water Agency Master Plan UpdateAUBURN, Calif. - At its May 19 meeting, the Placer County Water Agency (PCWA) Board of Directors received an update on the PCWA County-wide Master Plan.

Subaru BRZ: Reasonably priced old-school sports carRoseville, CA - For driving enthusiasts who want to own a light, agile car that provides an elusive fun factor while also looking cool, the smartly designed Subaru BRZ deserves a good look.

Roseville Gas Prices See DropRoseville, CA - While regional gas prices appear to have held steady, some gas station in Roseville are reporting a downward tick in prices.

Raising Awareness for Mental HealthIn the U.S., the month of May is (or was, depending on when your newspaper publishes this column) "Mental Health Awareness Month."

Roseville Flash Crime Report (5.21.16)Roseville, CA- Weekly crime report digest update summary in Roseville for the period covering May 13- 19, 2016.

Rocklin Flash Crime Report (5.21.16)Weekly flash crime report digest summary in Rocklin for the period covering May 9- 15, 2016.

Lake Tahoe Program Aims to Spark Redevelopment and Environmental ImprovementsA new Placer County program approved at this week's board of supervisors meeting is intended to spark investment in private projects

Coffee Drive Thru Boosts Granite Bay Safe and Sober Grad NightGranite Bay, Calif. - Dutch Bros Granite Bay, located at 8663 Auburn Folsom Rd., recently raised $2,800 to support Granite Bay High School's Safe and Sober Grad Night celebration


NEWS: In Case You Missed It