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.