U.S. District Attorney Benjamin Wagner announced that his office has indicted Sacramento-area developer Abolghasseni “Abe” Alizadeh and escrow officer Mary Sue Weaver on multiple counts of fraud for a scheme that caused losses to three banks of at least $20 million.
Alizadeh, owner of Kobra Properties, and Placer Title Company senior escrow officer Weaver have each been charged with six counts of wire fraud, nine counts of mail fraud, three counts of bank fraud and three counts of making a false statement to a federally insured institution.
The allegations in the indictment are that between June 2004 and April 2008, Alizadeh made agreements to purchase commercial properties at lower prices than he indicated to the lenders where he was applying for loans. He wrote checks to Placer Title Company for the down-payments, but Weaver is accused of not depositing the checks until after close of escrow, at which time she disbursed money from Placer’s escrow accounts to Kobra. Kobra used those funds to cover its checks, which Weaver then deposited.
U.S. Magistrate Judge Allison Claire has ordered both defendants held without bail pending their first court appearance.