Tuesday, April 04, 2017

Massachusetts AG Boosts Charges Against Indicted Real Estate Broker In Alleged Loan Modification Scheme, Now Accusing Defendant Of Fleecing 11 Financially Strapped Homeowners Out Of Over $464K In Mortgage Payments

From the Office of the Massachusetts Attorney General:
  • A real estate broker has been indicted on additional charges in connection with stealing more than $464,000 through a larceny scheme targeting homeowners facing foreclosure, Attorney General Maura Healey announced today [March 27].

    Kevin Taing, age 49, of Lowell, was indicted [] by a Statewide Grand Jury on the charges of Larceny Over $250 (9 counts). Eastern Funding & Investment, Inc. (EFI), owned by Taing, was also indicted today on the charge of Larceny Over $250. Taing and EFI will be arraigned in Middlesex Superior Court at a later date.

    In November 2016, Taing was initially indicted on the charges of Larceny Over $240 (3 counts) and Obtaining a Signature by False Pretenses in connection with stealing more than $165,000 from three homeowners in Lowell and Lynn.

    The AG’s Office began an investigation into Taing, a licensed real estate broker and principal of EFI, in late 2014 after a referral from a non-profit legal services agency. Authorities allege that Taing, who is of Cambodian descent and speaks Khmer, persuaded 11 homeowners of Cambodian descent facing foreclosure to make payments to EFI rather than the actual holder of their mortgage loans.

    Authorities further allege that Taing led these families to believe that by paying EFI they would reduce their monthly payments, stay in their homes or otherwise resolve their mortgage issues.
Source: Real Estate Broker Indicted for Stealing $464,000 (Allegedly Stole from a Total of 11 Families Facing Foreclosure). affinity

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