Thursday, April 12, 2007

Massachusetts AG Going After Foreclosure Rescue Operators

Massachusetts Attorney General Martha Coakley has announced the filing of two companion civil lawsuits against a ring of 19 individuals and companies allegedly running a foreclosure rescue business who have allegedly deceived financially strapped homeowners into signing away their homes and stripped the equity out of the homes through:
  • inflated mortgages,
  • false fees for fictitious services,
  • false certifications by closing attorneys,
  • subsequent resales of the homes amongst themselves.
According to AG Coakley:
  • "These defendants, many of whom were professionals, preyed on vulnerable homeowners facing foreclosure to deceive them out of their home and their life savings ... With the number of foreclosures increasing daily, this type of mortgage fraud is particularly troubling and we will take aggressive action to ensure that this predatory conduct does not continue in Massachusetts."

Named as defendants are: Leo Desire, Sr., Primary Mortgage Resource, Inc., mortgage broker, attorneys James Alberino, Robert Marks, and Valerie Hanserd, Universal Plus Realty & Financial Services Inc. and Home Pride Management, Leo Desire Jr., President and Treasurer of Home Pride Management, Robin Hayes, sole officer, owner and director of Universal Plus Realty & Financial Services Inc., Dr. Joel Charles (d/b/a Sourie Corp.). In addition, Louis R. Joseph, Pierre N. Joseph and his wife Daphne Mompoint, Robens Joseph, Paul A. Joseph, Jean N. Joseph, Advie Charles, Neville Francis and Marie Betey Mereus, all property buyers, were also named as defendants.

There is no indication whether the Massachusetts AG's office intends to bring criminal prosecution against these defendants. Depending on (1) what records are turned over and (2) what statements are made by the defendants during the discovery stage of the litigation, a subsequent criminal prosecution by the state is always an option. It is also unknown whether the office of Massachusetts U.S Attorney Michael J. Sullivan has its eye on this case.

For more, see Attorney General Coakley Files Lawsuits Against Individuals and Businesses Involved In Foreclosure Rescue and Mortgage Fraud Ring.

For a related post, see Massachusetts Attorney Involved In Equity Stripping / Rescue Operation Loses Beacon Hill Landmark In Foreclosure Sale.

----------------------

For other cases where U.S. Attorneys have brought criminal prosecutions against foreclosure rescue operators containing somewhat similar facts , see:

U.S. Attorney - Central District of California

U.S. Attorney - Middle District of Florida

.

posted by Home Equity Theft Reporter at 3:10 PM