2 Indicted For Recruiting 25 Underqualified Borrowers

Allison Tussey —  September 23, 2009 — 6 Comments

Irene Sotiriadis, 23, and Helen Sotiriadis, 49, both of Manteca, California, are charged with conducting a mortgage fraud scheme from March 2006 through November 2007 that caused losses to lenders estimated at approximately $5 million. Arrest warrants were issued by United States Magistrate Judge Gregory G. Hollows after a special agent of the FBI received information that the two suspects may have been intending to flee to Greece.

According to Assistant United States Attorney Russell L. Carlberg, who is prosecuting the case, an affidavit filed by a special agent of the FBI alleges that Helen and Irene Sotiriadis recruited as many as 25 members of the Cambodian immigrant community to purchase homes they could not afford in and around Stockton and Modesto, California. Helen and Irene Sotiriadis promised the Cambodians that after one initial high monthly payment, the homes would be refinanced to a payment of only $1,500 per month. After the initial monthly mortgage payments of $4,000 came due, Helen and Irene Sotiriadis refused to return phone calls to the victims, according to the affidavit. Most of the homes quickly fell into foreclosure.

An arraignment and detention hearing was held in Sacramento at 2:00 p.m. on Monday, September 21, 2009, before Magistrate Judge Hollows.

The maximum statutory penalty for a violation of the federal mail fraud and wire fraud statutes is 20 years in prison and a $250,000 fine. However, the actual sentence will be dictated by the Federal Sentencing Guidelines, which take into account a number of factors, and will be imposed at the discretion of the court.

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

United States Attorney Lawrence G. Brown announced the charges.

This case is the product of a joint investigation by the Federal Bureau of Investigation and the San Joaquin District Attorney’s Office.

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Allison Tussey

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6 responses to 2 Indicted For Recruiting 25 Underqualified Borrowers

  1. Where’s The real guy involved in this case.
    No where in this case. It seems like someone is being kept out on purpose

  2. Joey is involved in this. You know what that means there innocent. If hes involved there just 2 two more of his victims
    Joey owes me 25k

  3. Joey Kakar was the owner of signature financial. He was the mastermind behind the company where these two worked at. He took millions in straw deals. He owes me lots of money and I will never be able to collect because he is a cat a mouse kind of guy. I like him because he is clever howereve the hourglass sand grains are very limited. Now we are going to fight a war in Afghan where he has many relatives and has sent money back to them from here. My IP ADDRESS IS #9256791836

  4. Your IP address can be traced very easily. Do not point fingers at others. Remove joeys name immediately or legal action will be taken against you! These people did not work for joey at the time these crimes were commited. look at the dates.

  5. These woman worked for Joey Kakar…..The biggest Fraudster that is out there. I feel as he used them and put them in the position they are in today. They were not indiceted. They had a complaint for arrest because of false information given to the government for fleeing the country. They just came back from Greece. I feel really sorry for these woman and what they have had to go through. The complaint is accesable online to review. Its nothing that the media is saying These woman are innocent

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