Tuesday, June 22, 2010

MD Feds Wrap Up Metropolitan Money Store Sale Leaseback, Equity Stripping Foreclosure Rescue Criminal Prosecution As Final Defendant Cops Guilty Plea

From the Office of the U.S. Attorney (Greenbelt, Maryland):
  • Rolando Alonzo Cousins, a/k/a “Junior,” age 32, of Bowie, Maryland, pleaded guilty [] to conspiracy to commit mail fraud and wire fraud in connection with a massive mortgage fraud scheme which promised to help homeowners facing foreclosure keep their homes and repair their damaged credit, but left them homeless and with no equity. With Cousins’ plea all 11 defendants in the Metropolitan Money Store case have now been convicted. [...] Cousins faces a maximum sentence of 30 years in prison and a $1 million fine for the conspiracy. U.S. District Judge Roger W. Titus scheduled sentencing for September 13, 2010 at 3:00 p.m.

For the entire U.S. Attorney press release, see Senior Loan Officer with Metropolitan Money Store Pleads Guilty in Mortgage Fraud Scheme (Eleventh and Final Defendant to Plead Guilty in the Metropolitan Money Store Case).