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

Placer County Hoteliers: Taxman Cometh Airbnb, Vacation Rentals By Owner, inns or hotels. If you provide lodging in Placer County, you're required to collect Transient Occupancy Tax

Lake Tahoe Bound? Be prepared and patientTAHOE CITY, Calif. -- As Northern California prepares for the second and third storms of a week-long string of weather systems, Placer County is reminding residents and visitors

New California Laws 2017 (Part 15)Roseville, CA - New California laws for 2017. Part 15 includes criminal gangs, property taxes, real estate licenses, terrorist activity, child abuse, voting: felons, human trafficking

Study: Lung Cancer Patients Not Receiving TreatmentA national study by researchers at UC Davis Comprehensive Cancer Center has found that a significant number of lung cancer patients are not receiving treatment.

$21 Million for Regional Small BusinessesThe Capital Region Small Business Development Center (SBDC) has surpassed significant milestones in helping regional businesses

Rocklin Preschoolers Donate to Children in NeedROCKLIN, CA, - Students at Merryhill Preschool in Rocklin collected 69 pairs of pajamas to benefit local children in need for the holidays.

Bust Water Use Myths in Water Spots Video ContestLocal area middle and high school students can win cash prizes and the opportunity to view their video on the Raley Field Jumbotron

Placer SPCA seeks 2017 Hero Awards NominationsRoseville, CA - Placer SPCA is seeking nominations for the 2017 Hero Awards, to be presented at the 16th annual Funny Bones Comedy & Awards Night

Beatles vs. Stones Tribute at Harlows this MarchThe debate between the Beatles and the Rolling Stones has been going on ever since they first crossed paths on the charts 53 years ago

Man Still Recovering from TBITwo years back, I featured Daniel Mignerey who somehow survived life-threatening injuries on February 6, 2015

Rocklin Library hosts Lend A Heart Therapy DogsRocklin, CA- The Doggone Good Reading Group meets the second Tuesday of every month from 3:30 to 4:30 at the Rocklin Library

Placer Vineyards granted Regional General PermitJust west of Roseville, Placer Vineyards was granted its Regional General Permit


NEWS: In Case You Missed It