A mother-daughter team of real estate agents were arraigned September 23 on charges that they defrauded both lenders and home buyers to the tune of $5 million.
The two agents, Helen Sotiriadis, 49, and Irene Sotiriadis, 23, appeared in federal court after an informant told investigators that they planned to leave the country.
Both the Federal Bureau of Investigation (FBI) and the San Joaquin County District Attorney's Office began investigating the pair for real estate fraud in January 2008. The alleged scam is one that has been reported over and over in the news: the agents submitted fraudulent documents in order to boost the income of Cambodian buyers and placed them into variable-rate loans which the buyers could not afford. A one-time $4,000 payment was required, after which the buyers were told they'd be refinanced into low monthly mortgages. Almost all of the properties became foreclosures.
If the charges are proven to be true, Sotiriadises could each get to enjoy the other's company for the next 20 years in prison, in addition to a paltry (who came up with this number) fine of $250,000.
For the record, the California Department of Real Estate (DRE) website does not show that Irene Sotiriadis is a licensed real estate agent in California.
Comments
There were No charges..........They worked for Joey Kakar
He is no were in this they were used for an escape goat. These woman are innocent. They worked for the wrong person. All these deals were done at Signature Financial. And yet the owner of Signature is not even questioned. Something is wrong in that picture.. He is the one they should be after. These woman helped everyone and I feel sorry for what they have gone through.
Justice will be there hopefully soon. We all know Joey Kakar very well. very well.
ohh Joey KAKAR WE ALL KNOW WHO HE IS
POOR GIRLS
do you realize that it is illegal to slander? The FBI does not arrest people for fun. they conduct their investigation and when they know they have enough evidence, they arrest people. people should not blame others for their actions. The person who wrote comments about joey, joey will take full legal action against you. Your IP address has been requested and you will be sued for slander and defamation of character
After reading more about the case Joey Kakar was the main guy from signature financial.
These people are innocent
Girls are innocent
this is sad
These people saved my home from foreclosure.
I pray for them
they saved
me and are the reason I have a roof Today
While an investigation is being conducted these ladies should not be selling or buying real estate, what is wrong with DRE that they are allowing them to continue business!
Anna I'm sure it irritates you to see someone sucessful.
They can continue to do business as they are not charged. I would be focusing on working if I was you then on other peopled offices.
These people have done nothing but help. It is people like you jealous that has caused this situation. No charges says it.
This wont have a good ending. There is way to many people involved
That are being covered at the moment
will see what happens............ These girls arent the big ones in this case......they worked for this office.
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