Yellow Pages |   News Updates |   Events Calendar |   Movie Times | Recycling
Rocklin & Roseville Today Events
Celebrating Life...
HOME

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

Campgrounds Open Along Middle Fork of American RiverAUBURN, Calif. - With the arrival of Memorial Day weekend, the United States Forest Service has announced the opening of campgrounds at French Meadows and Hell Hole Reservoirs

Roseville Flash Crime Report (5.26.17)Roseville, CA- Summary digest of Roseville Police selected activity log covering the period of May 19- 26, 2017.

2017 Acura MDX: classy and versatileRoseville, CA- Now in its eighth year of production by Honda's luxury division, the 2017 Acura MDX is a midsize luxury crossover SUV that is appealing for a variety of reasons.

2017 PlacerArts Summer Concert SeriesAuburn, CA- The annual and free Auburn Summer Concert Series returns for another season beginning June 11, 2017

Affordable Housing Fee Workshops in Auburn and Kings BeachAUBURN, Calif. -- Placer County has scheduled two housing fee study workshops in June, one in Kings Beach and another in Auburn

USA Fastpitch Competition in South Placer County this JuneRocklin, CA --USA Fastpitch is coming to Roseville, Lincoln and Rocklin June 2-4 for three days of softball competition.

City of Roseville's $507 Million Proposed Operating BudgetRoseville, CA- The City of Roseville's proposed operating budget for Fiscal Year 2017-2018 is available for review

San Juan Water District Receives Excellence in Financial Reporting AwardGranite Bay, Calif. - The Government Finance Officers Association of the United States and Canada awarded the San Juan Water District

Sports Stars Join Rocklin Golf Fundraiser at Whitney OaksHall of Famer Willie Brown, Jim Plunkett, Daryle Lamonica, Charles Woodson, Phil Villapiano, Rod Martin and several more Oakland Raiders headline a dazzling field

Silversun Pickups Summer Tour with Third Eye BlindFollowing their upcoming BottleRock Napa Valley performance, this summer, Silversun Pickups will embark on a 30-date amphitheater tour opening for Third Eye Blind. The "Summer Gods" Tour celebrates Third Eye Blind's 20th anniversary

Garland Ranch Regional Park: Tranquility in Monterey CountyCarmel Valley, California - The "granddaddy" of the Monterey Peninsula Regional Park District, Garland Ranch is a fine elder statesman of parks.

Roseville Firefighters Union Blast City's Proposed Staffing CutsRoseville, Calif. - With rising temperatures and fire season upon us, city leaders in Roseville have proposed drastic staffing cuts to the Roseville Fire Department


NEWS: In Case You Missed It