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

Roseville Flash Crime Report (2.10.16)Roseville, CA- Police activity and crime log digest summary for the period of February 3-9, 2016.

Roseville Region Gets Influx of Incoming U-HaulsThe Roseville- Sacramento region ranks 2nd in the nation for incoming one-way truck rentals according to recent U-Haul news.

Placer SPCA Seeks Nominations for 2016 Hero AwardsRoseville, CA - Placer SPCA is seeking nominations for the 2016 Hero Awards, to be presented at the 15th annual Funny Bones Comedy & Awards Night

Placer County Moves Forward on Homelessness ApproachContinuing to address homelessness in Placer County and improve the quality of life for residents, the board of supervisors voted unanimously today to pursue a regional approach

Your Health: Not Getting Blood TestsIt is extremely unfortunate that most patients will not even think of going to a doctor until they have symptoms, which

2016 Housing Market UpdateRealtor, Julie Jalone, of MagnumOne Realty in Roseville writes about the housing market performance predictions presented by the chief economist of the National Association of Realtors at a recent conference.

New California Laws for 2016 (Final)Roseville, CA - The final installment for New California laws for 2016.

Placer SPCA Announces 2016 Board of DirectorsRoseville, CA - On January 18th, the Placer SPCA announced the election of its 2016 Roseville, CA - The Placer SPCA recently announced the election of its 2016 Officers for the Board of Directors.

Roseville Gas Price Wars: Under $1.90 a GallonRoseville, CA- Gas prices in Roseville are pushing to lows not seen in a very long time. Costco and ARCO continue to dominate the leaderboard

2016 Subaru Forester: Reliable compact SUVRoseville, CA- The Subaru Forester is a no-frills SUV that embraces Subaru's practical approach to auto making.

$100,000 Gift to Help Local Nursing StudentsRocklin, CA, - Just last month, the Sierra College Foundation received a $100,000 donation to establish an endowment fund to help

Captured: Mexican Nationals found on Foresthill RoadA Placer County Sheriff's deputy just arrested the three men who've eluded capture since Wednesday afternoon.


NEWS: In Case You Missed It