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Legal topic: Fraud | Posted on 26 Apr 2017

On September 20, 2016, in Sacramento, California, Rachel Siders, of Roseville, was sentenced to 174 months in prison for her involvement in mortgage fraud schemes that cost financial institutions over $17 million. Siders was found guilty by trial of multiple counts of bank fraud, wire fraud, mail fraud, making a false loan application, and committing aggravated identity theft. In 2008 Siders and co-defendant Theo Adams, applied for a home equity line of credit using his relative’s name on an underwater property owned by Adams. They submitted false tax returns in the relative’s name with significantly inflated income along with mortgage application documents with forged signatures. Siders, a notary public, falsely notarized the loan application documents, which were sent to Washington Mutual Bank. The bank relied upon the false documents to provide a $250,000 line of credit. Siders received $170,000 of the proceeds. After making minimal payments, the defendants defaulted on the loan. In a second scheme, from mid-2006 through early 2008, Siders and Vera Kuzmenko, and other defendants engaged in a mortgage fraud scheme involving over 30 properties in the Sacramento area. They secured more than $30 million in residential mortgage loans on more than 30 homes purchased through straw buyers. The loan applications contained materially false information as to the straw buyers’ income, employment, assets, and intent to occupy the residences. Records showed that Vera Kuznetsk received millions of dollars, and that Rachel Seders received hundreds of thousands of dollars. Six co defendants were previously sentenced receiving prison terms ranging from 2 to 19 years in prison.
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