Two women from Manteca, California, who were named as Irene Sotiriadis and Helen Sotiriadis, were indicted by court for the mortgage fraud scheme that they have carried out from March 2006 to November 2007. Both of them were also issued an arrest warrant after FBI found out about their intention to take flight to Greece.

The mortgage fraud scheme that Irene and Helen Sotiriadis conducted allegedly includes the recruitment of 25 borrowers from the Cambodian immigrant community and caused them to purchase homes that they are not capable of paying for. Irene and Helen promised them a low monthly fee of $1,500 after giving high initial monthly mortgage payments of $4,000 each. After receiving the initial payments, the 25 victims never heard of Irene and Helen Sotiriadis. This caused the properties, which are mostly located in Stockton and Modesto, California, to go into foreclosure. This left the lenders with losses amounting to $5,000,000.

If Irene and Helen Sotiriadis will be convicted, they are expected to be sentenced with 20 years imprisonment and a fine of as much as $250,000.