SACRAMENTO,
CA – A Federal grand jury has indicted a Linden, Ca, man along with eight other
people in a mortgage fraud scheme that involved the purchase of 19 homes.
Federal
prosecutors say Linden resident, Kory Schmidli, 34, was a straw buyer for two
brothers who purchased properties under other people’s names using false
financial information.
Brothers
Volodymyr Dubinsky and Leonid Doubinski, who were developers, began recruiting
family members, employees and associates with good credit to act as straw buyers
for residential properties after the housing market declined, according to the
Department of Justice.
The scheme
involved multiple buyers and real estate brokers who listed false income and
assets in the purchases.
Defendants face a maximum penalty of 30 years in
prison and a $1 million fine if convicted.
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