Sacramento-Area Developer Admits $22 Million Fraud

SACRAMENTO (AP) — A Sacramento-space restaurant proprietor and business actual property developer is admitting to frauds that value banks greater than $22 million.

Fifty-9-yr-previous Abolghasseni Alizadeh of Granite Bay pleaded responsible Friday to wire fraud, financial institution fraud and making false statements to a federally insured monetary establishment.

Federal prosecutors say he fraudulently bought land that he deliberate to develop by submitting altered buy contracts to banks that enormously inflated the purported buy worth.

Consequently, he would get substantial quantities of money — typically hundreds of thousands of dollars — because the offers closed, whereas he prevented making full down funds or typically any down cost.

A co-defendant, sixty four-yr-previous Mary Sue Weaver of Scottsdale, Arizona, beforehand pleaded responsible to fraud. She previously labored at a title firm in Lincoln.

Each face sentencing in March.

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