KCRA 3 Investigation Results In Federal Mortgage Fraud Indictments

A Federal and state mortgage fraud investigation involving four Sacramento-area men who were suspected of falsifying millions of dollars in loan applications so investors could qualify for loans they couldn't afford, and triggered by a KCRA 3 investigation by Investigative Reporter Josh Bernstein, has resulted in a 120 count Federal grand jury indictment of the four men on various charges. According to the KCRA 3 report:

• In an indictment unsealed Tuesday, a federal grand jury charged James Roy Martin [Jim Martin], 36, Mario Fellini III, 38, Gabriel Richard Viramontes, 44, and Joseph Salvatore Gallo, 34, with bank fraud and conspiracy to launder money, [U.S. Attorney McGregor W.] Scott said. Martin, Fellini and Gallo were also indicted on charges of making false statements in loan applications, and Martin, Fellini and Viramontes were indicted on mail fraud charges, Scott said.

Go here to watch Josh Bernstein's report. To read the KCRA 3 online story, see Four Indicted In Mortgage Fraud Investigation (Charges Follow Extensive KCRA 3 Investigation).

For a copy of the grand jury charges, see Indictment - U.S. v. Martin, et al.

See also, the U.S. Attorney Press Release, and Four indicted in mortgage scheme (Sacramento Bee).

Go here for other posts on this investigation.