A Southern California man has been sentenced to prison for his role in a mortgage fraud scheme that involved residential properties in Rocklin and Roseville.
Alexander A. Romaniolis, 48, of Irvine, was sentenced Thursday by U.S. District Judge Troy R. Nunley to 30 months in prison, a $17,500 fine and forfeiture of more than $400,000 for mortgage fraud, according to a federal Department of Justice news release.
According to court documents, Romaniolis recruited five straw buyers to purchase eight residential properties in Rocklin, Roseville and the Southern California community of San Clemente. He assisted the straw buyers in providing false information to lenders about their employment, income, assets and intent to occupy properties as primary residences, authorities said. In most cases, the straw buyers claimed to be executives of companies created and controlled by Romaniolis.
Authorities said Romaniolis was responsible for origination of more than $5 million in residential mortgage loans in the scheme. All 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, but Judge Nunley denied the request.
The case resulted from an investigation by the Federal Bureau of Investigation and the California Attorney General’s Mortgage Fraud Task Force.