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Consumer Law News
Leader Of Scam That Targeted Homeowners In Default Pleads Guilty To Fraud, Money Laundering Charges
A Downey resident pleaded guilty today to federal fraud and money laundering charges, admitting her role in a $12 million real estate fraud scheme that targeted homeowners in default on their mortgages and falsely promised them help.
Martha Rodriguez, 35, pleaded guilty this morning in United States District Court in Los Angeles to one count of mail fraud and one count of money laundering in relation to the scheme that ran from May 2003 until November 2005.
By pleading guilty, Rodriguez admitted that she and several co-schemers located victim homeowners through computerized databases that list homes going into foreclosure. Rodriguez promised victim homeowners that their homes would get refinanced. However, instead of obtaining refinancing, Rodriguez and the other defendants charged in this case submitted loan applications in the names of "straw buyers" who were purportedly buying the property. In some cases, the straw buyers were paid for the use of their personal information. In other cases, the defendants used personal information of people without their knowledge. The loan applications for the straw buyers – which always contained false information – caused a series of lenders to fund mortgages. The loan proceeds were used to pay off the loan in default, and the remaining proceeds were skimmed off by Rodriguez and her co-schemers.
Even though they were promised that they would keep their homes, the victim homeowners lost title to their homes. The lenders suffered losses when the straw buyers failed to make loan payments and the second loans went into default. The scheme targeted commercial lenders and more than 100 homeowners across the Southland.Read more at usdoj.gov.
Definition:
If you’re approached by an unfamiliar charity, check it out. Most states require charities to register with them and file annual reports showing how they use donations. Ask your state or local consumer protection agency how to get this information.
Investment Scams
Definition:
Steer clear of “offshore investments.” These are often promoted as a way to avoid taxes. Actually, you are still liable for taxes, and the investments themselves are usually very risky
Billing Error
Definition:
Any mistake in your monthly statement as defined by the Fair Credit Billing Act.
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