Alexander A. Romaniolis, Irvine Resident Accused of Mortgage Fraud, Faces 30 Years

An Irvine man who recruited five straw buyers to buy eight residential properties in San Clemente and the Sacramento-area cities of Rocklin and Roseville has been charged with federal mail fraud, according to the FBI. Alexander A. Romaniolis, 48, was arrested Tuesday in Huntington Beach for mortgage fraud after a federal grand jury handed down a three-count indictment on March 21, says U.S. Attorney Benjamin B. Wagner.

Wagner's statement explains:

Romaniolis assisted the straw buyers in providing false information to lenders about their employment, income, assets, and intent to occupy properties as primary residences. In most cases, the straw buyers claimed to be executives of companies created and controlled by Romaniolis. According to the indictment, Romaniolis was responsible for the origination of more than $5 million in residential mortgage loans in the scheme. All of the properties were foreclosed on, resulting in a total loss of more than $2 million.

With a conviction, Romaniolis faces up to 30 years in prison and a $1 million fine.

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