Massachusetts Foreclosure Rescue Operator To Pay $10K Civil Penalty; $100K Restitution

(original post - 8-3-07)
In Massachusetts:

• "Attorney General Martha Coakley has obtained a consent judgment in Middlesex Superior Court against Walter Ribeck, a Newburyport man who targeted financially distressed homeowners facing foreclosure. The judgment resolves an August 2006 lawsuit, which alleged that Ribeck posed as a "loan specialist" who could help destitute homeowners avoid foreclosure and keep their homes, but instead arranged transactions that would allow him to buy the home in order to re-sell it for a profit. Under the terms of the settlement, Ribeck is prohibited from engaging in foreclosure rescue transactions. The settlement further requires Ribeck to pay $100,000 in restitution to two homeowners by eliminating the profits from the transactions he arranged, and a $10,000 civil penalty."

For more, see Massachusetts AG Press Release - Attorney General Martha Coakley Obtains Consent Judgment Against Newburyport Man For Operating Foreclosure Rescue Schemes.