SACRAMENTO
September 21, 2009
• Accused of inducing people to buy homes they could not afford
• May have involved 25 home purchases in Stockton and Modesto
Irene Sotiriadis, 23, and her mother, Helen Sotiriadis, 49, both of Manteca, have been accused of conducting a mortgage fraud scheme that caused losses to lenders estimated at $5 million.
An affidavit filed by a special agent of the FBI alleges that mother and daughter recruited as many as 25 members of the Cambodian immigrant community to purchase homes they could not afford in and around Stockton and Modesto, according to Assistant U.S. Attorney Russell Carlberg, who is prosecuting the case.
Prosecutors say the two promised the Cambodians that after one initial high monthly payment, the homes would be refinanced to a payment of only $1,500 per month.
But after the initial monthly mortgage payments of $4,000 came due, they refused to return phone calls to the victims, according to the affidavit. Most of the homes quickly fell into foreclosure.
September 21, 2009
• Accused of inducing people to buy homes they could not afford
• May have involved 25 home purchases in Stockton and Modesto
Irene Sotiriadis, 23, and her mother, Helen Sotiriadis, 49, both of Manteca, have been accused of conducting a mortgage fraud scheme that caused losses to lenders estimated at $5 million.
An affidavit filed by a special agent of the FBI alleges that mother and daughter recruited as many as 25 members of the Cambodian immigrant community to purchase homes they could not afford in and around Stockton and Modesto, according to Assistant U.S. Attorney Russell Carlberg, who is prosecuting the case.
Prosecutors say the two promised the Cambodians that after one initial high monthly payment, the homes would be refinanced to a payment of only $1,500 per month.
But after the initial monthly mortgage payments of $4,000 came due, they refused to return phone calls to the victims, according to the affidavit. Most of the homes quickly fell into foreclosure.
No comments:
Post a Comment