S. California Foreclosure Rescue Operator Gets 8 Years In $1.5 Million Rent Skimming Scam Affecting 100+ Homes; Recorded Fraudulent Deeds Of Trusts In Unwitting People's Names, Then Filed Bogus Bankruptcy Petitions On Their Behalf To Stall Foreclosures While Continuing To Pocket Rent, Security Deposits From Tenants

In Riverside, California, The Press Enterprise reports:

• A 75-year-old Seal Beach man has been sentenced to eight years in prison for a mortgage rescue scheme involving more than 250 victims, most of whom were from the Inland Empire, prosecutors said.
  
  Terry Meisinger pleaded guilty in October to two counts of wire fraud in relation to the scam, the United States Department of Justice said in a statement.
  
  Meisinger had argued for a lesser sentence because of his age, but U.S. District Judge Virginia A. Phillips rejected his request on Monday, stating that Meisinger would “still pose a danger to the public,” prosecutors said. The judge also ordered Meisinger to pay $1.5 million in restitution.
  
  Prosecutors said Meisinger operated a scam in which he made false promises to dozens of distressed homeowners and filed fraudulent bankruptcies to delay foreclosure. He would then rent the properties to third parties as the foreclosure proceedings were delayed, prosecutors said.
  
  “This man earned significant profits as the result of his scheme – profits that came as the result of significant financial harm inflicted upon victims,” U.S. Attorney Eileen Decker said in a statement.
  
  Authorities said Meisinger collected more than $1.5 million in illicit rent payments on more than 100 properties and never made any payments on the mortgages. The scam impacted more than 250 victims, including homeowners, lenders and renters.
  
  During that time, authorities estimate that Meisinger caused more than 300 bogus bankruptcy petitions to be filed in the names of numerous people who had no knowledge their identity was being used.
  
  When lenders got the fraudulent bankruptcy petitions dismissed and completed foreclosure, the renters lost their deposits and rent payments, and were evicted and left homeless in some cases.
  
  Prosecutors said Meisinger’s actions violated a court order from a previous civil matter barring him from participating in home finance and the real estate industry for 10 years. He was ordered to pay $5 million in penalties.

Source: Eight years in prison for scam that hit Inland residents.

See also, Seal Beach Man Who Defrauded Dozens of Distressed Homeowners in Foreclosure Rescue Scheme Sentenced to 8 Years in Prison:

• When he pleaded guilty, Meisinger specifically admitted he defrauded a distressed homeowner by inducing him to sign a quitclaim in exchange for promises that included negotiating a short-sale agreement with his lender that would free the homeowner from his mortgage on a property in North Las Vegas, Nevada. But, instead, Meisinger caused a deed of trust to be recorded on the property, which was followed by a fraudulent bankruptcy on behalf of the person who supposedly now held an interest in the home. Meanwhile, Meisinger rented out the home to another person while foreclosure proceedings were stayed as a result of the fraudulent bankruptcy.
  
  Meisinger “repeated the process of causing the recording of deeds of trusts in the names of various beneficiaries whose identities he controlled and causing the filing of bankruptcies on behalf of those lenders to delay the foreclosure proceedings, while collecting rents” on property in North Las Vegas, according to the plea agreement filed in this case.