Wednesday, April 13, 2016

South Jersey Man Pleads Guilty To Theft By Deception For Running Loan Modification Racket That Fleeced Approx. 75 Victims Out Of $130K

In Burlington County, New Jersey, the Burlington County Times reports:
  • A Mount Laurel man has pleaded guilty to theft by deception for taking about $130,000 from about 75 victims to perform loan modifications and other financial services, but keeping the funds for his personal use, authorities said.

    Scott D. Feltman, 42, of Starboard Way, entered a guilty plea [] to the second-degree charge before Superior Court Judge Christopher Garrenger at the Burlington County Courthouse in Mount Holly.

    Feltman is scheduled to be sentenced to three years in prison on Sept. 27. He entered the plea to an accusation, meaning the charge had yet to be indicted.

    Feltman has agreed to pay about $130,000 in restitution to his victims, who had paid him to perform loan modifications, reverse mortgage procurement, and other financial services that were never honored. The victims were from New Jersey and Pennsylvania and are owed amounts that range from a few hundred dollars to as much as $16,000, authorities said.

    Feltman was operating under the company Baymar Capital Funding LLC, according to court documents.

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