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Federal courts

So Cal man arrested for mortgage fraud involving Roseville, Rocklin

By: Scott Thomas Anderson, Editor
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The U.S. Attorney’s Office announced today that an Irvine man is facing federal charges for mortgage fraud that involved properties in Roseville and Rocklin.

A three-count indictment was handed down for 48-year-old Alexander A. Romaniolis last Thursday by a federal grand jury, leading to his arrest in Southern California this morning. According to Lauren Horwood of the U.S. Attorney’s Office in Sacramento, Romaniolis “recruited five straw buyers to purchase eight California residential properties in Roseville, Rocklin and San Clemente” and then helped those straw buyers provide false information to lenders about their income, assets and job statuses. Horwood said the purpose of Romaniolis’s alleged fraud was to get the individuals posing as straw buyers living in the residences while they claimed to be executives working for a corporation owned by Romaniolis.

“All of the properties were foreclosed on, resulting in a total loss of $2 million,” Horwood said in a statement.

The investigation into Romaniolis was conducted by the FBI and California Attorney General’s Mortgage Fraud Task Force.