California Real Estate Fraud Report

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13
Dec

More Indictments in Sacramento Russian Loan Fraud Case

Sergey Shchirskiy, Khadzhimurad Babatov and Roman Malakhov are the latest in a group of Russian immigrants who have been charged in a large conspiracy to defraud lenders in theSacramentoarea (loan fraud, mortgage fraud).

Tax preparer Vera Kuzmenko, whose alleged involvement has been noted in earlier posts in the California Real Estate Fraud Report, is accused along with Shchirskiy of recruiting straw buyers to purchase homes, taking out home equity loans against the properties and then allowing them to go into foreclosure. More than 45 people have been indicted so far and the losses to lenders are in excess of $16 million.

Shchirskiy, who has been charged with mail fraud and wire fraud, was convicted of extortion in 2005 after burning a Mercedes Benz stolen from an auto body shop after the owner refused to pay $10,000 for its return.

Assistant U.S. Attorney Steven Lapham is the prosecutor and the case is being heard by U.S. Magistrate Kendall Newman.

Read the original article in the Sacramento Bee.

© Copyright 2007-2017 Monique Bryher

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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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