California Real Estate Fraud Report

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13
Mar

Man pleads guilty in flipping scheme

The Office of U.S. Attorney Benjamin Wagner has announced that Anatoliy Azarov, 33, of Sacramento, has pleaded guilty to mail fraud in regard to a mortgage fraud scheme involving 24 residential properties.

Azarov and a co-conspirator, Vadim Vilchitsa, 32,  had a business beginning in 2007 that solicited funds from investors to buy, renovate and flip residential properties. According to court documents the men convinced the investors to purchase the properties at inflated prices; they used the overage as working capital.

Prosecutors say that they helped the investors purchase properties through Yevgeniy Zazhitskiy, 39, a licensed real estate broker who worked as a loan officer.

Both Vadim Vilchitsa and Yevgeniy Zazhitskiy have already pleaded guilty in this case and have received sentences of 15 and 20 months in prison, respectively.

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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