Sacramento DA: Trio Clipped 16 Vulnerable Homeowners In Illegal Loan Modification Ripoff; Attorney Also Accused Of $60K Client Trust Fund Heist

In Sacramento County, California, the Fair Oaks Patch reports:

• Arrest warrants were issued Wednesday for three men accused of preying on more than a dozen vulnerable borrowers facing foreclosure or unaffordable mortgage payments, including those in Fair Oaks and Carmichael.
• From November 2009 to about June 2010, the Sacramento County District Attorney’s Office says the loan modification business run by Ashik Azeez, 49, Frank Joseph Ferris, 69, and Vicente Jose Perez, 49, all of Sacramento, performed unlicensed loan modification activities, improperly collected advance service fees, and failed to notify clients that paying a loan modification through a third party was unnecessary.

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• The warrant request outlined 16 separate instances in which people were charged upfront for loan modification costs or otherwise swindled, including many that occurred after the company was issued a cease and desist order this past October.

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• Ferris is also implicated in a separate matter in which he [allegedly] misappropriated $60,000 in client funds while a licensed attorney.

For more, see Fair Oaks Couple Lost Home In Loan Modification Swindle (Arrest warrants issued for employees of Turbo Mortgage Modification).