Co-Defendant Gets 4-12 Years For Role In Peddling Sale Leaseback Foreclosure Avoidance Racket Targeting Homeowners Seeking Short Sales Of Underwater Homes; Trial Pending For Three Others In Scam That Fleeced $1.2 Million From Financially Distressed Victims

From the Office of the Nevada Attorney General:

• Nevada Attorney General Adam Paul Laxalt announced that Franklin Marquez, 52, of California, was sentenced to 4-12 years for one count of Pattern of Mortgage Lending Fraud, a category “B” felony. Three remaining co-defendants, Maria Lorena Anzu, Jose Ben Rodriguez and Gilberto Navidad are set to stand trial on April 24, 2017.
  
  Marquez and other defendants were alleged to have operated a criminal enterprise in Las Vegas called Majestic Group, LLC that defrauded Nevada homeowners using a foreclosure avoidance scheme.
  
  Defendant Marquez admitted that he promised clients that they could sell their underwater homes to Majestic Group at fair market value, and then Majestic Group would subsequently sell their homes back to the clients at affordable prices.
  
  After placing their trust in Marquez’s operation, several clients fell victim to the scheme and lost their homes to foreclosure as a result. Defendant Marquez further admitted that he, on behalf of Majestic Group, collected large upfront fees along with monthly payments, totaling between $10-18,000 per victim.
  
  In total, the business collected $1.2 million from homeowners through this scheme.

Source: Attorney General Laxalt Announces Sentencing of Defendant in Mortgage Fraud Scam to 4-12 Years in Prison.

For the indictment, see State of Nevada v. Rodriguez, et al.