Orange County Man & 6 Others Arrested for Defrauding Desperate Home Owners

60-year-old M.S. of Orange County along with six other men is facing felony charges for allegedly taking advantage of home owners who were seeking ways to be able to keep their homes. M.S. is accused of working with a firm which illegally charged up-front fees for services that were advertised to those who were in danger of being foreclosed upon and losing their homes. The company reportedly actively sought home owners who wanted to lower their mortgage payments through a loan modification. The complaint against the suspects states that between January 2007 through March 2010 clients were told that the company guarantees that they will be able to obtain a loan modification on the client's behalf. The clients were then instructed to pay their monthly payments to the firm rather than their mortgage lender while the lender was negotiated with. Many home owners did not get a loan modification resulting in the loss of their homes to foreclosure in addition to having paid the firm fraudulent up-front fees. The seven suspects were arrested and indicted on 24 felony counts for grand theft, conspiracy, personal income tax evasion and corporate income tax evasion. The president of the firm is being held in lieu of $75,000 bail and faces the possibility of up to 12 years in prison while the other six men had bail set at $50,000 each and could be sentenced to up to eight years' incarceration each. Authorities suspect that other home owners may have been victims of this alleged scheme and have urged victims to file an online complaint with the California Attorney General's Office.

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