California Real Estate Fraud Report

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30
Jan

Irvine Man Pleads Guilty to Mortgage Fraud in Sacramento-area Homes

An Irvine man faces up to 30 years in federal prison and a $1 million fine after pleading guilty to a federal grand jury indictment accusing him of mortgage fraud.

Alexander Romaniolis, 48, entered his plea to the mail-fraud charges, according to U.S. Attorney Benjamin B. Wagner.

The indictment alleged that Romaniolis provided lenders with false information about the financial status and assets of straw buyers in order to acquire eight homes in Roseville and Rocklin. All the homes were later foreclosed, causing losses to the lenders of over $2 million.

It is not know if the U.S. Attorney prosecuted any of the straw buyers.

Read the original article in the OC Weekly.

© Copyright 2007-2017 Monique Bryher

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