Elk Grove Real Estate Pair Indicted By Fed Grand Jury For Mortgage Fraud

Two former Elk Grove residents were indicted this afternoon by a Federal Grand Jury in Sacramento for alleged mortgage fraud.

The nine-count indictments charges suspects Dameene Dedrick, 35, of Denver, and Roy Rice, 42, of San Francisco, with four counts off making false loan statements and four counts of bank fraud. Dedrick has one additional charge of mail fraud.

The indictment alleges Dedrick, a licensed real estate agent purchased three homes worth $1.1 million in February of 2006 by falsifying various loan documents. Rice, a loan agent, allegedly was aware that Dedrick was making false statements but processed the loans and collected commissions.

Both men are free on bail and will be arraigned on Monday. If convicted, they could each receive up to a 30 year sentence and $1 million fine.