Former Real Estate Agent and Appraiser Pleads Guilty to Mortgage Fraud Involving Three Elk Grove Homes

SACRAMENTO, CA—Dameene R. Dedrick, 39, of Sacramento, pleaded guilty today to two counts of bank fraud and one count of mail fraud, United States Attorney Benjamin B. Wagner announced.

This case is the product of an investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation. Assistant United States Attorneys Michelle Rodriguez and R. Steven Lapham are prosecuting the case.

According to court documents, in late 2005 and 2006, Dedrick, who was then a licensed real estate agent and appraiser, made false statements on loan applications to get three mortgages approved and funded. The combined value of the mortgages was $1,115,000. Dedrick falsely represented his income, employment, and earnings and submitted false W-2 Wage and Earning Statements to get the loans. Dedrick purchased the three houses with 100 percent financing and claimed that each was his primary residence.

The scheme was aided by another real estate salesperson, co-defendant Roy L. Rice, 46, of Concord. On September 13, 2012, Rice pleaded guilty to bank fraud offenses related to his participation in the purchase of two of the Elk Grove homes.

U.S. District Judge Morrison C. England, Jr. is scheduled to sentence Dedrick on February 28, 2013, and Rice on January 3, 2013. Dedrick and Rice are facing up to 30 years in prison and a $1 million fine for each count. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory sentencing factors and the Federal Sentencing Guidelines, which take into account a number of variables.