FBI arrests California mother-daughter duo, accuses them of defrauding lenders of about US$5M from home sales

MANTECA, California , September 22, 2009 () – The FBI has arrested a Manteca mother and daughter accused of defrauding lenders of about $5 million from home sales.

Prosecutors say 49-year-old Helen Sotiriadis and her daughter, 23-year-old Irene Sotiriadis, sold 30 residential properties to Cambodian nationals between March 2006 and November 2007. But a complaint filed Monday alleges the women inflated the buyers' incomes on loan papers and promised them refinancing would drop their monthly payments.

Prosecutors say the women never did any refinancing and the homes went into foreclosure.

FBI agents arrested the pair Sunday after they got a tip that the women were planning to relocate to Greece.

Attorneys for the woman insist their clients were not trying to flee prosecution.

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