Southern California Foreclosure Rescue Victims
(revised 8-16-07)
The Orange County Register recently featured a story of some of the victims of a five person foreclosure rescue operation in Southern California. The scam, according to a federal indictment, defrauded about 100 homeowners throughout Southern California out of about $12 million. Those indicted were Edward Seung Ok, Martha Rodriguez, Cynthia Valenzuela, Vladimir Stefanovic, and Maria G. Juarez. Rodriguez and Valenzuela have each entered a plea of guilty; the remaining three face a federal court trial in July. Some of the victims currently have civil lawsuits pending against the rescue operators.
For more, see Let the borrower beware (At least 10 O.C. property owners have lost equity and even their homes in what federal prosecutors call a $12 million scam. As more homeowners get overextended, foreclosure rip-offs will rise).
For a prior post on this case, see Two Plead Guilty In Combined Foreclosure Rescue / "Straw Buyer" Mortgage Fraud Scam.
For the Federal prosecutor's version of the facts in this foreclosure rescue scam, see U.S. vs. Valenzuela - Plea Bargain Agreement; Stipulated Statement of Facts, pages 15 through 21, describing the foreclosure rescue deals, the subsequent mortgaging of the victims' homes using straw buyers, and the ultimate default on the newly obtained mortgages.
For past U.S. Department of Justice Press Releases on this case, see:
The Orange County Register recently featured a story of some of the victims of a five person foreclosure rescue operation in Southern California. The scam, according to a federal indictment, defrauded about 100 homeowners throughout Southern California out of about $12 million. Those indicted were Edward Seung Ok, Martha Rodriguez, Cynthia Valenzuela, Vladimir Stefanovic, and Maria G. Juarez. Rodriguez and Valenzuela have each entered a plea of guilty; the remaining three face a federal court trial in July. Some of the victims currently have civil lawsuits pending against the rescue operators.
For more, see Let the borrower beware (At least 10 O.C. property owners have lost equity and even their homes in what federal prosecutors call a $12 million scam. As more homeowners get overextended, foreclosure rip-offs will rise).
For a prior post on this case, see Two Plead Guilty In Combined Foreclosure Rescue / "Straw Buyer" Mortgage Fraud Scam.
For the Federal prosecutor's version of the facts in this foreclosure rescue scam, see U.S. vs. Valenzuela - Plea Bargain Agreement; Stipulated Statement of Facts, pages 15 through 21, describing the foreclosure rescue deals, the subsequent mortgaging of the victims' homes using straw buyers, and the ultimate default on the newly obtained mortgages.
For past U.S. Department of Justice Press Releases on this case, see:
- Two Arrested On Federal Fraud Charges In Foreclosure Scam (11-30-05)
- Three Defendants Added To Federal Indictment In Foreclosure Scam (7-20-06)
Go here for other posts on this foreclosure rescue scam.
.
posted by Home Equity Theft Reporter at 6:18 AM
<< Home