Tuesday, December 01, 2015

Co-Owner Of Southern California Outfit That Ran Nationwide Loan Modification Racket Gets 10+ Years, Ordered To Pay $1.4 Million In Restitution

From the Office of the U.S. Attorney (South Bend, Indiana):
  • United States Attorney for the Northern District of Indiana, David Capp, announced that Brian M. Kandefer, age 37, of San Diego, California, was sentenced [...] after his guilty plea of wire fraud and money laundering.

    Brian Kandefer was sentenced to 121 months imprisonment and ordered to pay $1.4 million dollars in restitution.

    According to documents in the case, K2 Capital Management Inc. did business as US Mortgage Bailout and USMortgageBailout.com with physical offices located in La Jolla, California. Brian Kandefer was a 50% owner of K2 Capital Management Inc. dba US Mortgage Bailout and dba USMortgageBailout.com (hereafter "US Mortgage Bailout").

    US Mortgage Bailout purported to be and advertised as mortgage "loan experts" which had "helped thousands of homeowners avoid foreclosure." US Mortgage Bailout sold mortgage loan modification products and services to persons, located all over the United States, including the Northern District of Indiana, who were in trouble with their home mortgage loans.

    As part of the fraud scheme that lasted from 2009 through 2010, US Mortgage Bailout which included Kandefer, used false advertising to defraud clients (victims) out of monies for loan modifications. They also did not properly communicate or represent client interests in the scheme. If they did represent clients for loan modifications, documentation was falsified regarding income and other financials. US Mortgage Bailout had a 100% refund policy for clients who did not receive favorable outcomes, yet clients did not receive any refunds despite requests.
Source: Brian Kandefer Sentenced To 121 Months Imprisonment (Ordered to Pay $1.4 Million in Restitution).

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