California Real Estate Fraud Report

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Two Men Indicated in Sacramento for Loan Fraud

Two men have been indicted by a federal grand jury in relation to a mortgage fraud in which the lender’s losses may have exceeded $180,000.

Andrey Kim, 28, owned a home in West Sacramento. After obtaining a home equity loan in which, according to prosecutors, Kim lied about his income (loan fraud), he added Sultanmurod Rashidov, 29, as a joint owner to the property. Rashidov, of Brooklyn, New York, then also submitted fraudulent documents as to his financial status and the balance of the mortgage and obtained a $178,000 loan from the lender. Rashidov then defaulted.

The penalties for conviction of the mail fraud and money laundering charges could result in prison sentences for both up to 30 years, along with fines up to $1 million.

Read the original article in the Central Valley Business Times.

© Copyright 2007-2018 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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