Sacto 9-1-1
May 7, 2013
Orangevale man indicted in mortgage fraud scheme

An Orangevale man has been indicted by a federal grand jury for his alleged role in a mortgage fraud scheme.

The five-count indictment unsealed Monday charges Valeri Kalyuzhnyy, 41, with false statements on a loan and credit application and money laundering, according to a federal Department of Justice news release.

The indictment alleges that Kalyuzhnyy caused the preparation and submission of loan applications to federally insured lenders that falsely stated various home buyers' income, employment, assets and intent to occupy the homes as their primary residences. Kalyuzhnyy allegedly was responsible for origination of nearly $4 million in residential mortgage loans.

Kalyuzhnyy pleaded not guilty at his arraignment Monday and was released on a $50,000 bond. He is scheduled for a status conference before U.S. District Judge Morrison C. England Jr. on May 23.

The case resulted from an investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation.

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