Alexander A. Romaniolis of Irvine Cops to Fraud in $2 Million Mortgage-Lending Scam
An Irvine man who used phony buyers to acquire eight residences in San Clemente and the Sacramento-area cities of Roseville and Rocklin so that he could engage in mortgage fraud pleaded guilty to federal charges against him.
Alexander A. Romaniolis, 48, copped to the mail-fraud charges Thursday in a federal grand jury indictment issued March 21, 2013, according to U.S. Attorney Benjamin B. Wagner.
The indictment alleged Romaniolis assisted straw buyers in 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.
Romaniolis was responsible for the origination of more than $5 million in residential mortgage loans in the scheme, the indictment further alleged, adding all of the properties were foreclosed on, resulting in a total loss of more than $2 million.
He faces up to 30 years in prison and a $1 million fine at his scheduled March 27 sentencing in Northern California.