Real estate agent Alla Samchuk, 45, has been found guilty of six counts of bank fraud, six counts of making a false statement to a financial institution, one count of money laundering and one count of aggravated identity theft, according to a press release by the U.S. Attorney’s Office for the Eastern District of California.
Court documents revealed that from 2006 through 2008 Samchuk operated a mortgage fraud scheme involving three properties in the Sacramento area, specifically Roseville and El Dorado HIlls. Unable to qualify for a loan to make the purchases herself, Samchuk employed the services of straw buyers to apply for the loans. She caused the submission of loan applications containing false representations of income, employment, assets, and a false indication that the straw buyers would occupy the homes as their primary residence.
A second objective of the scheme was to obtain HELOC (home equity line of credit) funds. According to evidence at trial, on two of the properties, Samchuk diverted or attempted to divert HELOC funds to her own benefit. Samchuk caused the HELOC loans to fund by submitting false statements and documents to the lender regarding the qualifications of the straw buyers.
Turning against her own straw buyers, Samchuk filed an application for a HELOC on one of the properties without the straw buyer’s knowledge or consent (HELOC fraud). To obtain the HELOC, she forged the signature of the straw buyer on a short form deed of trust that she caused to be notarized and recorded. The stated purpose of the HELOC was home improvement, but once the line of credit was funded, Samchuk quickly diverted all of the funds to her own use, spending the proceeds on a Lexus and the repayment of a substantial personal debt.
This case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation. Assistant U.S. Attorneys Audrey B. Hemesath and Andre M. Espinosa prosecuted the case.