California Real Estate Fraud Report

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Irvine Man Pleads Guilty to Mortgage Fraud in Sacramento-area Homes

An Irvine man faces up to 30 years in federal prison and a $1 million fine after pleading guilty to a federal grand jury indictment accusing him of mortgage fraud.

Alexander Romaniolis, 48, entered his plea to the mail-fraud charges, according to U.S. Attorney Benjamin B. Wagner.

The indictment alleged that Romaniolis provided lenders with false information about the financial status and assets of straw buyers in order to acquire eight homes in Roseville and Rocklin. All the homes were later foreclosed, causing losses to the lenders of over $2 million.

It is not know if the U.S. Attorney prosecuted any of the straw buyers.

Read the original article in the OC Weekly.

© 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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