David Saks: Former Loan Officer Arrested in Huntington Beach for Mortgage Fraud

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Former Loan Officer Arrested in Huntington Beach for Mortgage Fraud

Former Sacramento-Area Loan Officer Arrested in Huntington Beach for Mortgage Fraud

U.S. Attorney’s Office March 25, 2013
  • Eastern District of California (916) 554-2700
 

SACRAMENTO, CA—Alexander A. Romaniolis, 48, of Irvine, was arrested today in Huntington Beach for mortgage fraud, United States Attorney Benjamin B. Wagner announced. A federal grand jury returned the three-count indictment on March 21, 2013, charging Romaniolis with mail fraud. The indictment was unsealed after his arrest.

The indictment alleges that Romaniolis recruited five straw buyers to purchase eight California residential properties in Rocklin, Roseville, and San Clemente. Romaniolis assisted the straw buyers in providing false information to lenders about their employment, income, assets, and intent to occupy properties as primary residences. In most cases, the straw buyers claimed to be executives of companies created and controlled by Romaniolis.

According to the indictment, Romaniolis was responsible for the origination of more than $5 million in residential mortgage loans in the scheme. All of the properties were foreclosed on, resulting in a total loss of more than $2 million.

This case is the product of an investigation by the Federal Bureau of Investigation and the California Attorney General’s Mortgage Fraud Task Force. The Huntington Beach Police Department assisted in the arrest. Assistant United States Attorney Jean M. Hobler and Special Assistant United States Attorney Jeffrey A. Spivak are prosecuting the case.

If convicted, Romaniolis faces a maximum statutory penalty of 30 years in prison and a $1 million fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The charges are only allegations, and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 4 commentsDavid Saks • March 26 2013 08:15AM

Comments

Wow, David, these guys just don't quit!  It must be their no one can catch me mentality! We're sure behind Alexander there will be more.

Posted by Al & Peggy Cunningham, Brokers, Our Family Wants To Help Your Family! (RE/MAX West Realty Inc., Brokerage) over 6 years ago

It's so common now, Al, Peggy, that it makes me wonder whether or not real estate agents are becoming nothing more than pawns in the loan fraud arena in various parts of the nation.

1) The real estate broker procures the sale, closes, gets the commission check and walks.

2) The loan officer and the other crooked players divide the fraudulent proceeds from the lender, based on fraudulent mortgage application misrepresentations, and let the properties foreclose.

It happens every day. Everywhere.

Nice to hear from you.

Posted by David Saks ((retired)) over 6 years ago

I spent 15 years as a loan officer and stories like this never surprise me.  So many sharks infilrated the world of mortgage financing.  I was extremely happy when background checks became required for licensing.

Posted by Mark Lebkuchner, Personal Lines Consultant over 6 years ago

Lots of fraud and misrepresentation in the business, Mark. Thanks for your comment.

Posted by David Saks ((retired)) over 6 years ago

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