A federal grand jury indicted Citrus Heights resident Daniel Gherasim, 36, on Thursday for bank fraud, false statements on a loan and credit application and money laundering, according to documents released Friday by the U.S. Department of Justice.
According to the documents, the charges allege Gherasim was structuring the false statements in connction with an alledged scheme to defraud a bank in obtaining a home equity loan.
United States Attorney Benjamin B. Wagner made the announcement after an indictment was filed, accusing Gherasim of submitting a fraudulent loan application for a Home Equity Line of Credit (HELOC) he took out on a home he owned at in Folsom in November 2008. According to documents, the application inflated the amount of equity he had in the property.
The report indicates that after receiving the $215,800 credit line, Gherasim transferred the money to another bank account he held, in part by writing checks to himself in amounts over $10,000. The indictment alleges that Gherasim then withdrew money from that account in increments ranging from $490 to $9,500 in order to evade currency reporting requirements, according to the DOJ.
This case is the product of a joint investigation by the Internal Revenue Service-Criminal Investigation and the Federal Bureau of Investigation. Assistant United States Attorney Lee S. Bickley is prosecuting the case. Gherasim is out of custody on a $100,000 bond. He is scheduled to be arraigned Friday at 2:00 p.m. before U.S. Magistrate Judge Dale A. Drozd.
According to a release, if convicted, Gherasim faces a maximum penalty of 30 years in prison and a $1 million fine. The actual sentence, if convicted, is subject to court consideration upon statutory factors and Federal Sentencing Guidelines, according to the release.