Manteca pair arrested in mortgage fraud scheme
September 23, 2009
Total Loss:
$5 million
The FBI has arrested a Manteca mother and daughter accused of defrauding lenders of about $5 million from home sales. Prosecutors say 49-year-old Helen Sotiriadis and her daughter, 23-year-old Irene Sotiriadis, sold 30 properties to Cambodian nationals between March 2006 and November 2007. But a complaint alleges the women inflated the buyers' incomes on loan papers and promised them refinancing would drop their monthly payments. Prosecutors say the women never did any refinancing and the homes went into foreclosure.
Source:
San Francisco Chronicle
Posted in:
Account Takeover Identity Theft