2 Indicted for Home Equity Loan Scam

Allison Tussey —  February 1, 2012 — Leave a comment

Andrey Kim, 28, Sacramento, California, and Sultanmurod Rashidov, 29, Brooklyn, New York, have been indicted by a federal grand jury on charges of mail fraud and money laundering in connection with a mortgage fraud scheme that resulted in losses of at least $180,000 to lenders.

Kim was indicted for another mortgage fraud scam in December 2011. He was scheduled to appear on the new charges on January 31, 2012, before Magistrate Judge Carolyn K. Delaney. Rashidov is believed to be out of the country.

According to court records, Kim and Rashidov were responsible for taking out more than $236,000 in home equity loans for a single property in West Sacramento, California. As part of the loan application process, Kim allegedly submitted false and fraudulent information related to his gross monthly income and outstanding mortgage balance. About a year after obtaining a $58,800 home equity loan, Kim signed a deed granting joint ownership of the property to Rashidov.

The indictment alleges that Rashidov then submitted a home equity loan application containing false and fraudulent information related to his employer, gross monthly income, and outstanding mortgage balance. After obtaining $178,000 from the lender, Rashidov defaulted on the loan.

United States Attorney Benjamin B. Wagner announced the indictment.

This case is the product of a joint investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation. Assistant United States Attorney Dominique N. Thomas is prosecuting the case.

If convicted of mail fraud, the defendants face a maximum statutory penalty of 30 years in prison and a $1 million fine. If convicted of money laundering, they face a maximum statutory penalty of 10 years in prison and a $250,000 fine. If convicted, the actual sentence will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The charges are only allegations, and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

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Allison Tussey

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