Roseville resident Rachel Siders, 39, was found guilty of bank fraud, making a false loan application and committing aggravated identity theft, according to a press release by the U.S. Attorney for the Eastern District of California.
Siders and her co-defendant Theo Adams used the identity of a relative of Adams to take out a HELOC (home equity line of credit) on the relative’s property in 2008. Siders and Adams, who pleaded guilty in this case, submitted fraudulent tax returns and income statements to Washington Mutual Bank, which, as a result, extended a $250,000 loan. Siders, as a notary public, also falsely notarized the loan documents (notary fraud). The loan later defaulted.
U.S. District Judge John A. Mendez will be sentencing both Rachel Siders and Theo Adams later this year.
Read the original article in the Sacramento Bee.