California Real Estate Fraud Report

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28
Mar

Irvine Man Sentenced to Prison for Southern California Mortgage Fraud

A Southern California man has been sentenced to prison for his role in a mortgage fraud scheme that involved residential properties in Rocklin, Roseville and San Clemente.

Alexander Romaniolis, 48, an Irvine man, has been sentenced to 30 months in prison by U.S. District Judge Troy R. Nunley to 30 months in prison. Judge Nunley also fined Romaniolis $17,500 and ordered him to forfeit over $400,000 for his part in a mortgage fraud case.

According to the prosecution, Romaniolis was responsible for recruiting straw buyers to purchase homes in Rocklin, Roseville and San Clemente. His role in the fraud was to help the straw buyers with falsifying their income, asset and employment information that was submitted to lenders. The losses to the lenders was over $2 million, since all the properties were eventually foreclosed.

The case was investigated by the FBI and California Department of Justice.

Read the original article in the Sacramento Bee.

 

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