A Sacramento real estate agent and appraiser has pleaded guilty in a mortgage fraud case involving three Elk Grove homes.
Dameene R. Dedrick, 39, pleaded guilty today in federal court in Sacramento to two counts of bank fraud and one count of mail fraud, according to a Department of Justice news release.
In late 2005 and 2006, Dedrick, who was then a licensed real estate agent and appraiser, made false statements on loan applications to obtain approval and funding for three mortgages, according to court documents. The combined value of the mortgages was $1.1 million.
Dedrick falsely represented his income, employment and earnings, and submitted false W-2 wage and earning statements to obtain the loans. He purchased the three houses with 100 percent financing and claimed that each was his primary residence, officials said.
Dedrick was aided in the scheme by another real estate salesman, co-defendant Roy L. Rice, 46, of Concord. Rice pleaded guilty Sept. 13 to bank fraud offenses related to his participation in the purchase of two of the Elk Grove homes, according to the news release.
U.S. District Judge Morrison C. England Jr. is scheduled to sentence Rice on Jan. 3 and Dedrick on Feb. 28.
The case resulted from an investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation.