Our California Statewide Law Enforcement Association (CSLEA) members with the California Attorney General's Mortgage Fraud Task Force worked together with the FBI to arrest a former Sacramento area loan officer in Huntington Beach. Now, nine months after his arrest, Alexander Romaniolis, 48, of Irvine has pleaded guilty to mortgage fraud. Romaniolis entered his plea January 9, 2014 and will be sentenced in March.
According to court documents, Romaniolis recruited five straw buyers to buy eight homes in Roseville, Rocklin and San Clemente. He assisted the buyers by 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. He 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.
"Our CSLEA members in the AG's Mortgage Fraud Task Force help to uncover unscrupulous, greedy, lawbreaking individuals who stop at nothing to steal from others," said CSLEA President Alan Barcelona. "Sadly, there is no shortage of work for these special agents."
Romaniolis faces a maximum statutory penalty of 30 years in prison and a $1 million fine. He is scheduled to be sentenced March 27, 2014.