A pair of San Ramon residents were among four people named in a mortgage fraud indictment handed down last week by a federal grand jury in Sacramento.
Veronika Wright, 33, and Mitchell Wright, 36, are charged with bank fraud, mail fraud and other charges in connection with a "cash back to buyer" scheme that involved the purchase of five houses in South Lake Tahoe and Nevada City, according to a report by Bay City News.
The scam allegedly revolved around a Hillsborough man who purchased the properties, demanding large commissions go back to the Realtor, an accomplice.
Veronika Wright reportedly worked as the ringleader's mortgage broker, and Mitchell Wright created a Web site to substantiate bogus employment claims. In all, the scheme is believed to have defrauded banks of $1 million.
Acting U.S. Attorney Lawrence Brown said mortgage fraud is a top federal law enforcement priority as scams such as this one not only hurt the lending institutions but homeowners and taxpayers as well.