Nevada AG Scores Plea In Criminal Prosecution Of Upfront Fee, Debt Reduction Mortgage Refinance Ripoff

From the Office of the Nevada Attorney General:

• Nevada Attorney General Catherine Cortez Masto announced that on March 6, Gary Dimattia, 62, of Las Vegas, pled no contest to ten felonies in connection with his operation of a mortgage lending fraud scam, including four counts each of mortgage lending fraud and theft, one count of multiple transactions involving fraud and deceit in the course of enterprise or occupation, and one count of pattern of mortgage lending fraud.

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• Operating under the name Financial Link Services, Dimattia peddled a so-called “Balance Reduction Program” promising to arrange to have investors purchase his clients’ mortgages from their lenders and refinance his clients at current market value, thereby eliminating negative equity and reducing monthly payments.
  
  He typically charged $3,495-$3,895 up front but failed to deliver the promised services or refund the fees.

For the Nevada AG press release, see Attorney General Masto Announces Plea Of Las Vegas Man Involved In Mortgage Lending Fraud.