Central Florida Foreclosure Rescue Operator Under Investigation

The St. Petersburg Times has a story today of Peter J. Porcelli, a Central Florida foreclosure rescue operator who, along with two companies he set up, are reportedly being scrutinized by state and federal investigators for possible violations of law.

According to The Times, the two Clearwater businesses that Peter Porcelli set up -- the Safe Harbour Foundation (purportedly a non profit foundation) and Silverstone Lending -- "reportedly worked hand-in-glove to target desperate homeowners facing foreclosure and enticed them into short-term, high-risk loans that may violate Florida laws".

The Times found that the purported non profit foundation is not listed among exempt charities on the IRS Web site or registered with the state of Florida.

The Times describes Porcelli's past history, including the fact that he was indicted two months ago on conspiracy and fraud charges involving an unrelated credit card scam that targeted 165,000 victims. He pleaded guilty Friday to all 19 counts.

For more, see Facing new fields of fraud (Guilty in one scam, an Oldsmar man is scrutinized in a high-risk loan scheme that preyed on those facing foreclosure).

Go here for other posts on Peter Porcelli.