SACRAMENTO, CA - An Elk Grove man and his brother have been indicted on 12 charges of defrauding banks of more than $200,000 in student loans.
Mordechay Altit, 33, is accused of supplying names of students, their Social Security numbers, incomes and college attendance or attendance planes in order to receive the funds, according to the federal indictment. Altit used the names of Sacramento State University, Harvard Law School and Yale School of Medicine in the loans applications.
The indictment alleges Altit wrote checks for more than $19,000 he received in student loan money to his brother Shay Din Altit, 44, in Los Angeles.
An FBI and IRS investigation of the two men led to the indictment.
According to the U.S. Attorney's Office, Eastern District of California, if found guilty fo the charges, Mordechay Altit could be sentenced up 22 years in prison and a $250,000 fine. Shay Din Altit faces a maximum penalty of 10 years in prison and a $250,000 fine if convicted.