Federal prosecutors say a Sacramento-area developer and an escrow officer have been indicted on multiple counts of fraud for a loan scheme that cheated three banks out of at least $20 million. 56-year-old Abolghasseni Alizadeh of Granite Bay and 62-year-old Mary Sue Weaver of Roseville were indicted Thursday by a grand jury for the Eastern District of California.
The pair are said to have worked together to obtain loans at inflated amounts for commercial and residential real estate. Alizadeh, a Chico State Alumni, was a principal partner with Kobra Properties which at one time owned dozens of Jack in the Box franchises in Northern California including Chico, Paradise, Oroville, and Red Bluff.
Alizadeh and Weaver each face charges including wire fraud, mail fraud and bank fraud. If convicted, they could face 30 years in federal prison and a $1,000,000 fine for each count.