Arthur Menefee, 56, a Stockton-based real estate agent, has pleaded guilty to wire fraud in a mortgage fraud scheme that involved at least 31 properties.
Menefee, who surrendered his real estate license to the California Bureau of Real Estate in 2013, was accused of recruiting friends and fellow church-goers to purchase properties. The lure was that Menefee took care of the mortgage payments or down-payments; the loan applications he prepared indicated the persons worked at a business that didn’t exist.
Five of Arthur Menefee‘s co-defendants have already pleaded guilty and have been sentenced as follows:
• Jannice Riddick, 34, of Sacramento (two years and 11 months in prison);
• Florence Francisco, 65, of Houston, Texas (one year in prison);
• Adil Qayyum, 34, of Rosele, Illinois (three years of probation);
• Elsie Pamela Fuller, 41, of Richmond (one year and nine months in prison); and,
• Leona Yeargin, 49, of San Pablo (18 months in prison).
Two other defendants await sentencing after pleading guilty: Valeriy Vasilevitsky, and Ruth Willis
Read the original article in the Central Valley Business Times.