Copperopolis Mortgage Fraud Scheme
Sacramento, CA — A federal grand jury indicted former Copperopolis developers, and brothers, 53 year old Volodymyr Dubinsky and 47 year old Leonid Doubinski, on September 13, 2012.
The United States Attorney’s Office Eastern District of California reports the brothers and seven others are charged with mail and bank fraud in connection with a mortgage scheme involving the purchase of at least 19 homes, nine of them in the Calypso Bay Subdivision on Lake Tulloch in Calaveras County.
Federal Officials say the brothers using phony permits built, developed, and sold real estate in Copperopolis, Carmichael, and Sacramento.
They say with the decline in real estate market, the brothers recruited family members, employees, and associates with good credit to act as “straw buyers” for residential properties. They allegedly submitted false applications to lenders. Those applications falsely stated the straw buyers’ income, assets, and intent to occupy the homes as their primary residences.
Federal Officials say if convicted, they could face 30 years in prison and a $1 million fine.
Click here for a map of the subdivision area.