Maryland Foreclosure Rescue Operator Gets 27 Months In Sale Leaseback Equity Stripping Ripoff; Feds Estimate Losses At Between $1M To $2.5M

From the Office of the U.S. Attorney (Baltimore, Maryland):

• U.S. District Judge J. Frederick Motz sentenced James William Fox II, age 40, of Crofton, Maryland [last week] to 27 months in prison, followed by three years of supervised release, for conspiracy to commit wire fraud in connection with a mortgage fraud scheme which he promised to help homeowners facing foreclosure keep their homes, but left them with no equity and no longer holding the title to their properties.

• At [last week]’s sentencing hearing Judge Motz also ordered that Fox pay restitution in the full amount of the loss, which the government contends is between $1 million and $2.5 million.

For the U.S. Attorney press release, see Crofton Loan Officer Sentenced to 27 Months in Prison in Mortgage Fraud Scheme.

See Criminal Prosecutions Of Sale Leaseback Peddlers In Equity Stripping Foreclosure Rescue Deals for other incidents that led to criminal prosecutions in sale leaseback ripoffs.