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Equity Stripper Found Guilty
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May 28, 2009
A home foreclosure rescue fraud scheme could send one man to prison for up to 125 years now that he has been found guilty by a jury of his peers.
Michael Fiorito, 41, along with help from his assistant Kristin Louise Jerde, defrauded homeowners who were in danger of losing their homes to foreclosure. The pair convinced homeowners to sign their deed over to Fiorito and then the pair stole equity from the home after refinancing it. More than $400,000 in equity was stolen from at least 17 victims.
Jerde pleaded guilty to one count of conspiracy to commit mail fraud and is awaiting sentencing.
Read story at Shakopee News
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