California Real Estate Fraud Report

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05
Dec

Two Northern California Men Sentenced for Loan Fraud

Vadim Vilchitsa, 32, of Sacramento,  and Yevgeniy Zazhitskiy, 39, of North Highlands are going to prison for operating a residential buy-fix-flip business that soured.

According to court documents, the U.S. District Attorney for the Eastern District of California alleged that Vadim Vilchitsa and his business partner Anatoliy Azarov solicited funds from investors to run their fix-and-flip business, but when the real estate market declined, they were left holding properties they could not sell. They then used the services of Zazhitskiy, a licensed real estate agent and loan officer, to help them submit phony loan applications for 23 properties.

Vilchitsa was sentenced to 15 months and Zazhitskiy received 20 months. They were sentenced by U.S. District Judge Kimberly Mueller, who has scheduled a restitution hearing for January 2014.

Anatoliy Azarov has not yet been tried and should be presumed innocent.

Read the original article in the Central Valley Business Times.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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