Loomis Woman Gets 14 Years For Mortgage Fraud Scheme

SACRAMENTO, Calif. (AP) -- A California woman has been sentenced to 14 years in prison after being convicted in a multimillion-dollar mortgage fraud scheme.

The Sacramento Bee reports that the U.S. attorney's office says 46-year-old Vera Kuzmenko of Loomis participated in a scheme that cost financial institutions more than $16 million.

Prosecutors say Kuzmenko and another woman obtained more than $30 million in residential loans on more than 30 homes purchased through straw buyers in the Sacramento area.

Kuzmenko had been a licensed real estate agent for part of the scheme. Prosecutors say she created fraudulent loan applications on behalf of the straw buyers and served as a straw buyer herself.

Five other people have been found guilty in connection with the scheme.

The case resulted from an investigation by the FBI and Internal Revenue Service.

Copyright 2016 The Associated Press.