California Real Estate Fraud Report

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Irvine Man Sentenced to Prison for Southern California Mortgage Fraud

A Southern California man has been sentenced to prison for his role in a mortgage fraud scheme that involved residential properties in Rocklin, Roseville and San Clemente.

Alexander Romaniolis, 48, an Irvine man, has been sentenced to 30 months in prison by U.S. District Judge Troy R. Nunley to 30 months in prison. Judge Nunley also fined Romaniolis $17,500 and ordered him to forfeit over $400,000 for his part in a mortgage fraud case.

According to the prosecution, Romaniolis was responsible for recruiting straw buyers to purchase homes in Rocklin, Roseville and San Clemente. His role in the fraud was to help the straw buyers with falsifying their income, asset and employment information that was submitted to lenders. The losses to the lenders was over $2 million, since all the properties were eventually foreclosed.

The case was investigated by the FBI and California Department of Justice.

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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