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Loan Modification Scam Busted
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March 11, 2009
Eight people have been named as participants in a loan modification scam that defrauded hundreds of California residents from September 2005 until at least October 2007.
David Giron, 44, and Saul Amador, 22, have been charged with theft, money laundering and conspiracy. Rosa Conrado, 51, was sentenced to six years, four months in prison and Martin Jesus Flores, 33, was sentenced to three years probation. Florida resident Alejandrina Maldonado, 33, was sentenced in February to three years probation. Three others have fled the area: Juan Jose Perez, 48, Isuara Hernandez, 33, and Antonia Gonzalez, 66.
The group used many company names, including: First Gov, Foreclosure Prevention Services, Resolution Department, Reinstatement Department and Reinstatement Processing. Officials said they pocketed upfront money and did nothing to renegotiate loan terms. They told California homeowners to stop paying the lender and ignore any contact from them, they then charged each a fee ranging from $1,500 to $5,000. Prosecutors estimate more than $1.18 million was stolen from homeowners.
Find out more at The Daily Bulletin
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