Four California Loan Officers were found guilty regarding operating a multi-million $ mortgage fraud scheme. Olga Palamarchuk, Pyotr Bondaruk, Vera Zhiry as well as Peter Kuzmenko, 37 were found guilty by?your federal jury regarding conspiracy to make mail fraud, regarding a mortgage fraud scheme. Palamarchuk and Bondaruk were likewise found guilty of making untrue statements to a loan provider and money laundering. Zhiry seemed to be found guilty of money laundering.
According to evidence given at trial, Palamarchuk, financing officer at Capital Mortgage Lending Incorporated., recruited Bondaruk to purchase only two houses using 100 percent financing and to refinancing and obtain a home collateral line of credit on one with the houses. In order to entitled to the loans, Palamarchuk and Bondaruk published fraudulent loan applications to lenders, falsely declaring Bondaruks employment, income, property, and intent that will occupy the houses as his principal residence.
In addition, a defendants fraudulently inflated the value of the properties as well as diverted the excess funds to themselves as part of the bank loan fraud scheme. For example, Peter Kuzmenko received $32,378 inside sellers proceeds for landscape design and pool do the job his company Petes Swimming pool Service purportedly conducted on a house this didnt have a pool. In the same way, Zhiry received $100,000 to pay off a purported personal debt owed by the sellers that the sellers turned down existed, and Zhiry provided $40,000 of that cash back to Olga Palamarchuk.
In February, Peter Kuzmenko was found guilty within a separate mortgage fraud scheme in this district. (2:11-cr-210-JAM) He is at the moment in custody.
This case is the product of your investigation by the Federal Bureau of Investigation and the Internal Sales revenue Service-Criminal Investigation. Assistant America Attorneys Lee Utes. Bickley and Heiko P. Coppola are generally prosecuting the case.
The defendants sentencing is set for October An individual, 2015, before United States Area Judge Troy L. Nunley. A defendants face an optimum statutory penalty of 30 years in prison regarding conspiracy to make investments mail fraud and making false promises to a financial institution, Ten years in prison for money laundering, and a $1 million high-quality. The actual sentence, having said that, will be determined at the attention of the court after consideration of any related statutory factors additionally, the Federal Sentencing Guidelines, which take into account a number of specifics.