Crime - Sacto 911

Roseville woman convicted of bank fraud, identity theft

A Roseville woman has been convicted by a federal jury in Sacramento for her role in a bank fraud and identity theft scheme.

Rachel Siders, 39, on Monday was found guilty of bank fraud, making a false loan application and committing aggravated identity theft, according to a U.S. Attorney’s Office news release. The verdict followed a weeklong trial before U.S. District Judge John A. Mendez.

According to evidence presented during the trial, in 2008 Siders and co-defendant Theo Adams applied for a home equity line of credit in the name of Adams’ relative on a underwater property that Adams owned in Roseville. As part of the false loan application, Siders and Adams submitted false tax returns for the relative with significantly inflated income.

They also submitted mortgage application documents with forged signatures. Siders, a notary public at the time, falsely notarized the loan application documents, which were sent to Washington Mutual Bank as part of the mortgage application. The bank relied on the falsely notarized documents and false tax returns in deciding to provide a $250,000 line of credit. Siders received $170,000 of the proceeds and Adams received the rest. They made minimal payments on the line of credit and the loan defaulted.

Federal prosecutors said Siders was convicted of counts related to this transaction. The jury was unable to reach a verdict on counts related to a second transaction.

Siders is to be sentenced June 9 by Judge Mendez.

Adams pleaded guilty on Sept. 3 and has yet to be sentenced.

The case resulted from an investigation by the Internal Revenue Service-Criminal Investigation and the FBI.

Call The Bee’s Cathy Locke, (916) 321-5287.