At Least Ten Individuals, Firms Found Liable In Civil Suit For Running Equity Stripping Racket Disguised As Foreclosure Rescue Help
- The Office of the Maryland Attorney General, Consumer Protection Division, filed a complaint in Baltimore City Circuit Court against [a foreclosure rescue group], alleging that the defendants promised to save consumers' homes from foreclosure and restore their credit when, instead, they attempted to take title to the homes and strip the home equity.
- On November 9, 2009, the court entered summary judgment as to liability in favor of the Consumer Protection Division and against each of the defendants except Reggie Simmons. A trial was held on November 23rd and 24th, 2009 to determine Simmons' liability, and the appropriate measure of damages, restitution, penalties and costs for each of the defendants. A decision has not yet been issued by the court. The case was originally investigated and referred by the Maryland Department of Labor, Licensing and Regulation - Division of Financial Regulation.
Source: Maryland Mortgage Fraud Task Force Announces Progress And Plans (Consumer Protection Division v. Rodney Spellen, et al.).
(1) Those named as defendants were: Rodney Spellen, Mid Atlantic Consulting, Inc., Jemel Lyles, Absoloot Ventures Inc., Brian Boyd, 1st Choice Property Management Firm, Inc., Sahar Ali, Alan Muniu, Phillip George, Certified Title & Escrow, Inc. and Reggie Simmons.
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