Central Florida Foreclosure Rescue Operator Cops Plea In Racket That Targeted House-Rich, Cash-Poor Owners In Home Equity Ripoff

In Tampa, Florida, the Bradenton Herald reports:

• The reputed ringleader of a foreclosure-rescue scam that operated in Manatee County and elsewhere in Florida now is facing more federal prison time. Peter James Porcelli II, also known as Peter James, pleaded guilty in a Tampa federal courtroom Thursday to one count of mail fraud in connection with the rescue scheme, U.S. Attorney A. Brian Albritton said Friday.

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• He initially was charged with fleecing 56 distressed homeowners, including three in Manatee and four from Sarasota County, out of more than $1.8 million, court records show. Porcelli recruited those homeowners through Safe Harbour Foundation of Florida Inc., a Clearwater outfit that misrepresented itself as a nonprofit corporation dedicated to helping homeowners avoid foreclosure, prosecutors said.

• It combed public records to target homeowners facing foreclosure and send mailers that offered “immediate relief from financial pressures” and a “guaranteed solution to stay in your home,” among other promises. Homeowners who called the number on the flyer reached Porcelli or one of his associates, who asked questions to determine how much equity the homeowner had. If it was a significant amount, homeowners would be referred to Silverstone Lending LLC or Silverstone Financial LLC — both also controlled by Porcelli — to take out six-month loans to get the mortgage up to date, authorities said.

• But those loans often charged the state maximum of 18 percent interest and numerous fees that often exceeded 60 percent of the loan amounts.(1) The loan terms also gave Silverstone the power to take the home if the borrower defaulted, authorities said.

For the story, see Foreclosure-rescue scammer facing 20 years in prison.

(1) See also, The Tampa Tribune: Pinellas telemarketer pleads guilty to mail fraud:, which reports that of the total money the homeowners purportedly orrowed, they received less than 38 percent of that loan money, and they ended up owing Porcelli or his companies the remainder in fees and costs.