Abolghasseni ‘Abe’ Alizadeh, Commercial Loan Fraud, California 2004

Grimy Times Exposes Northern California Developer’s Web of Lies

A federal grand jury in Sacramento has returned a 21-count indictment against Abolghasseni ‘Abe’ Alizadeh, a 56-year-old Granite Bay resident, and Mary Sue Weaver, a 62-year-old Roseville woman, for their alleged roles in a multimillion dollar commercial loan fraud scheme. The indictment charges both defendants with various counts of mail, wire and bank fraud, which allegedly occurred between mid-2004 and April 2008.

According to court documents, Alizadeh, the principal partner in Kobra Properties, a company that owned numerous commercial real estate properties in Northern California, submitted false information to federally insured banks to obtain loans at inflated amounts. The documents also reveal that Alizadeh owned dozens of restaurants in the region, including Jack in the Box, TGI Fridays, and Sonic Burger, with an estimated asset value of $1 billion. However, Kobra and other entities controlled by Alizadeh filed for bankruptcy in 2008.

Weaver, an escrow officer with Placer Title Company, allegedly assisted Alizadeh in the fraud scheme by taking money belonging to other Placer County clients and temporarily moving it into accounts controlled by Alizadeh. The indictment alleges that Weaver and Alizadeh engaged in a scheme to defraud lenders in large commercial real estate transactions.

U.S. Attorney Benjamin B. Wagner stated that the prosecution is part of a larger effort to hold accountable those whose conduct defrauded others and contributed to the financial crisis. ‘Over the last five years, we have prosecuted over 300 mortgage fraud defendants,’ Wagner said. ‘Although we are seven years removed from the financial crisis, the statute of limitations has not run on many offenses from that period.’

The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General’s Office of Investigations has also joined the investigation, with Special Agent-in-Charge Wade V. Walters stating that the agency is committed to ensuring integrity in the financial services industry.

If convicted, Alizadeh and Weaver face a maximum statutory penalty of 30 years in prison and a $1 million fine for each count. The charges are only allegations, and the defendants are each presumed innocent until proven guilty beyond a reasonable doubt.

The case is the product of an investigation by the Federal Bureau of Investigation, the Internal Revenue Service—Criminal Investigation, and the Federal Deposit Insurance Corporation Office of Inspector General. Assistant United States Attorneys Michael D. Anderson and Heiko P. Coppola are prosecuting the case.

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