On April 2nd, 2014

Former Sacramento Area Man Sentenced To 30 Months In Mortgage Fraud Scheme Time, Fine & Forfeiture

ASA-DOJOur California Statewide Law Enforcement Association (CSLEA) members with the California Attorney General's Mortgage Fraud Task Force worked together with the FBI to bring to justice a former Sacramento area loan officer who is now sentenced to 30 months in prison for mortgage fraud.   Alexander Romaniolis, 48, of Irvine, entered a guilty plea on January 9, 2014 and on March 27, 2014 was sentenced to 30 months in prison.   The sentence also included a $17,500 fine and forfeiture of more than  $400,000.

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.

At sentencing, Romaniolis asked to be released for a short period so he could see his family before completing his sentence.  United States District Judge Troy L. Nunley denied that request.

"Our CSLEA members in the Attorney General's  Mortgage Fraud Task Force investigatre greedy, lawbreaking criminals who stop at nothing to steal from others," said CSLEA President Alan Barcelona.  "The investigations are often lengthy and complex and sadly, there is no shortage of work for these special agents."  

This case was investigated by the FBI and the California Attorney General’s Mortgage Fraud Task Force. The Huntington Beach Police Department assisted in the arrest. Assistant United States Attorneys Jean M. Hobler and Jeff Spivak prosecuted the case.

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