California Real Estate Fraud Report

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12
Mar

Four found guilty in Sacramento-area mortgage fraud

A federal jury has convicted Nadia Kuzmenko, 35, of Loomis, Peter Kuzmenko, 36, Edward Shevtsov, 51, and Aaron New, 39,  all of Sacramento, of multiple counts of mail and wire fraud for their roles in a mortgage fraud scheme that cost financial institutions approximately $16 million.

Kuzmenko, Shevtsov and New were also found guilty of money laundering associated with the scheme. Kuzmenko was also found guilty of witness tampering. They will be sentenced by U.S. District Court Judge John Mendez on May 26.

According to evidence presented at the trial by prosecutors from the office of U.S. Attorney Benjamin Wagner, Nadia Kuzmenko, a real estate agent, created falsified loan applications on behalf of  straw buyers during the period of 2006-2007. She and her co-defendants were able to obtain loans of more than $26 million for over 30 properties in the Sacramento area.

“The defendants … were important players in a network of fraudsters responsible for millions of dollars in losses associated with dozens of inflated property sales using multiple straw buyers,” says Mr. Wagner.

Co-defendants Vera Kuzmenko and Rachel Siders are still awaiting trial.

Read the original article in the Central Valley Business Times.

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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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