yellow pages news jobs events calendar movie times
Rocklin and Roseville Today Events Calendar
   |   Current Temp: 90.0 F (32.2 C)
 

Rocklin Man Indicted in Mortgage Fraud Case


Share It.




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.






more news Print This Article


Placer County News Headlines

Sierra Shoot Out Water Polo Tournament in RocklinThe Sierra Shoot Out Water Polo tournament is back for another year at Sierra College. The junior college has hosted this high school tournament for over 20 years

What is Slowing the California Housing Recovery?Realtor, Julie Jalone of MagnumOne Realty in Roseville, writes about why the California and Sacramento housing markets are not expanding as fast as expected. Find out what Julie thinks is contributing to a slower real estate market.

Circus Vargas in Roseville this September Roseville,CA -- Get ready for the ultimate entertainment extravaganza for all ages as the circus comes to Roseville.

Hot Pink Fun Run in Downtown Roseville September 28thRegistration is now open for the 7th Annual Hot Pink Fun Run, a family-friendly run, walk and fun zone on Sunday, September 28, 2014.

Monty Python's Spamalot at Roseville TheaterSPAMALOT tells the legendary tale of King Arthur's quest to find the Holy Grail. However, diverting a bit from the true story, this hilarious musical

High Marks for Sierra College Energy Tech StudentsThe Sierra College Energy Technology students who took the North American Board of Certified Energy Practitioners Entry-level exam in June 2014, all passed.

Multiple Sclerosis Becomes Counselor's AssetDuring most of the '70s, Kathe Skinner, now a 65-year-old licensed marriage family therapist in Colorado Springs, Colorado, couldn't figure out what was wrong with her body.

Placer Water Agency Eyes $7 Billion Bond OpportunityFunding for water resource improvements in Placer County could be possible if California voters support the $7.12 billion bond issue on the Nov. 4 ballot, it was

Napa Earthquake Victims Urged to Hire Licensed ContractorsEarthquake: The Contractors State License Board (CSLB) is urging residents of Napa Valley and surrounding areas to only hire California-licensed contractors

8 Arrested in Roseville Police Drug and ID Theft OperationRoseville Police detectives, following up on a Roseville drug case, searched a home in Sacramento and found evidence of methamphetamine sales and identity theft involving scores of victims.

Placer County Republican Party Announces EndorsementsThe Placer County Republican Party has announced the following endorsements in local races for the November 2014 election.

Federal Subpoena Served to Placer County Sheriff's OfficeThe Placer County Sheriff's Office has received several inquiries about employee internal investigations and a federal subpoena.




more news

Featured Yellow Pages Categories

Auto

Business

Health and Fitness

Home Improvement and Services