A Concord resident and real estate salesperson faces up to 30 years in prison for his involvement in a mortgage fraud scheme along with another real estate from Sacramento.
Roy L. Rice, 46, pleaded guilty to bank fraud in September, and Sacramento realtor Dameene R. Dedrick, 39, recently admitted to lying on mortgage applications to buy three homes in Elk Grove, federal authorities announced Thursday.
Rice assisted Dedrick, who in 2005 and 2006 lied to obtain the three mortgages with a combined value of $1.1 million, according to United States Attorney Benjamin B. Wagner.
"Dedrick falsely represented his income, employment, and earnings, and submitted false W-2 Wage and Earning Statements to get the loans," Wagner's office said in a press release. "Dedrick purchased the three houses with 100 percent financing and claimed that each was his primary residence."
Dedrick's charges were two counts of bank fraud and a count of mail fraud.
Dedrick and Rice will be sentenced on Feb. 28 and Jan. 3, respectively. They face up to 30 years in prison and a fine of $1 million for each charge.