Snyder Stiffs Bankruptcy Trustee In Wraparound Mortgage Scam

In Berks County, Pennsylvania, Lancaster Online reports:

• About 300 customers victimized by Wesley A. Snyder's multimillion-dollar mortgage scam were disappointed Tuesday when the broker failed to show up at a bankruptcy hearing in Berks County. Snyder, who is due in federal court in Harrisburg today to plead guilty to one count of mail fraud, was required to attend the meeting of creditors as part of the Sept. 18 bankruptcy filing of six of his companies, including OPFM Inc., Personal Financial Management and Image Masters. [...] Snyder's criminal attorney, Emmanuel H. Dimitriou, advised his client not to appear at Tuesday's hearing, held in the ballroom at the Inn at Reading.

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• Federal prosecutors have said Snyder sold "wraparound" mortgages to 811 customers over the past two decades, but forwarded $26 million less than he collected to the banks and other lenders that supplied the financing.

For more, see Snyder fails to show at hearing.

Go here for an illustration of how the refi / wraparound mortgage scam works.

Go here and go here for other posts and links to earlier media reports on the Pennsylvania Ponzi scheme involving Wesley Snyder.