"KCRA 3-Triggered" FBI Mortgage Fraud Investigation Yields 5th Arrest

In Northern California, the Sacramento-area FBI mortgage fraud investigation triggered by a series of KCRA 3 television reports by Investigative Reporter Josh Bernstein has resulted in the arrest of a fifth suspect, according to a source close to the case.

25-year-old Sennett Swift was arrested Friday night at the Sacramento International Airport. In addition to his passport, he was found to have thousands of dollars in cash on his person and authorities believe he was trying to flee the country. Swift reportedly worked as a loan processor for VFM Investment Group and was trained by Jim Martin before leaving and setting up several companies on his own. Martin, along with three others, is currently under indictment for allegedly falsifying millions of dollars in mortgage loan applications so investors could qualify for loans they couldn't afford.

Swift is currently in custody and being held without bond on charges of bank fraud and money laundering. Arraignment is scheduled for today in a Sacramento Federal Court. Swift is considered a flight risk and will likely be remanded until he goes to trial. Authorities allege Swift began preying on the elderly after leaving VFM Investment Group in a similar scheme.

At least a dozen additional arrests in this investigation are expected. For KCRA 3 story, see Agents Believe Loan Officer Tried To Flee State (Man Was Former Employee Of VFM Investment Group).

See also, FBI: Man set up refinance scheme (The Sacramento Bee).

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