Roseville Woman Sentenced for Mortgage Fraud and Identity Theft

Roseville Woman Sentenced for Mortgage Fraud and Identity Theft

Rachel Sider, 41, of Roseville, was sentenced to 14 and a half years in prison for her involvement in mortgage fraud schemes that cost financial institutions over $17 million.

Federal juries returned verdicts in two trials, in March 2015 and December 2015, finding her guilty of multiple counts of bank fraud, wire fraud, mail fraud, making a false loan application, and commiting aggravated identity theft.

According to evidence presented at the first trial, in 2008 Siders and co-defendant Theo Adams, 50, of Roseville, applied for a home equity line of credit using his relative’s name in an underwater Roseville property owned by Adams.They submitted false tax returns in the relative’s name with significantly inflated income along with mortgage application documents with forged signatures. Siders, a notary public, falsely notarize the loan application documents, which were sent to Washington Mutual Bank. The bank relied upon the false documents to provide a $250,000 line of credit. Siders received $170,000 of the proceeds. After making minimal payments, the defendants defaulted on the loan.

According to the evidence presented at the second trial, from mid-2006 through early 2008, Siders and Vera Kuzmenko, 46, of Loomis and other defendants engaged in a mortgage fraud scheme involving over 30 properties in the Sacramento area. hey secured more than $30 million in residential mortgage loans on more than 30 homes purchased through straw buyers. The loan applications contained materially false information as to the straw buyers’ income, employment, assets, and intent to occupy the residences. Records introduces at trial showed that Vera Kuzmenko received millions of dollars, and that Rachel Siders received hundreds of thousands of dollars.

Vera Kuzmenko, was a licensed real estate estate agent for part of the scheme, and Rachel Siders ran the Rocklin office of the escrow company used on the majority of transactions. She helped funnel millions of dollars to her co-defendants, which was not disclosed to the lenders.

On March 15, 2016, Judge Mendez sentenced Vera Kuzmenko to 14 years in prison. She was found guilty of multiple counts of mail and wire fraud, money laundering and witness tampering. On April 19, 2016, Theo Adams, 50, of Roseville, was sentenced to two years in prison. Previously, Judge Mendez sentenced co-defendants Peter Kuzmenko, 38, of West Sacramento, to 19 years in prison; Aaron New, 42, of Sacramento, to 11 years and three months in prison; Nadia Kuzmenko, 37, formerly of Loomis, to eight years in prison; and Edward Shevtsov, 52, of North Highlands, to eight years in prison. They were found guilty on February 13, 2015, after a 21-day trial, of multiple counts of mail and wire fraud associated with the mortgage fraud scheme. In addition, Peter Kuzmenko, Edward Shevtsov, and Aaron New were found guilty of money laundering associated with the scheme, and Nadia Kuzmenko was found guilty of witness tampering.

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