Foreclosure scam leads to 35-year prison sentence

Foreclosure Scam
 
One of two brothers convicted of leading a nationwide foreclosure scam was sentenced Wednesday to 35 years in federal prison for stealing titles to more than 300 homes.

Federal prosecutors in Sacramento said 40-year-old Charles Head of Pittsburgh and 17 other defendants obtained more than $90 million in fraudulent loans and caused more than $50 million in losses between January 2004 and June 2006.

Head and his brother, Jeremy Michael Head, 34, of Huntington Beach, were convicted in May 2013 of mail fraud and other charges. Charles Head was convicted of additional mail fraud charges in a second trial in December.

Jeremy Head is awaiting sentencing. Their attorneys did not immediately return telephone messages after Wednesday’s sentencing.

Click to read more

$1.5 million Fraudulent Foreclosure Scheme

fraudulent foreclosure scheme
 
An Orange County man was charged Wednesday with running a $1.5 million fraudulent foreclosure scheme – after a federal judge had ordered him to pay $5 million in civil penalties in previous cases.
Terrill “Terry” Meisinger, 74, of Seal Beach was charged on June 25 with two counts of wire fraud and one count of aggravated identity theft. Meisinger, who has been in custody since June 11, was scheduled for arraignment Wednesday afternoon.
If convicted, Meisinger could face up to 20 years in federal prison on each charge of wire fraud, and two years for aggravated identity theft.
According to the U.S. Attorney’s Office, Meisinger persuaded a distressed homeowner to sign a quitclaim under the pretense that he could broker a short-sale agreement that would release the homeowner from his mortgage on a property on Monte Alban Drive in North Las Vegas, Nev.
“But, instead, Meisinger caused a deed of trust to be recorded on the property, which was followed by a fraudulent bankruptcy on behalf of the person who supposedly now held an interest in the home,” the U.S. attorney said in a statement.
“Meanwhile, Meisinger rented out the home to another person while foreclosure proceedings were stayed as a result of the fraudulent bankruptcy.”
Click to read more

Orange County ‘foreclosure rescue’ fraud ring convicted

foreclosuresoc fraud ring convicted
 
A federal jury in Sacramento after a five-week trial has returned guilty verdicts against three men who operated an Orange County-based “foreclosure rescue scam,” according to U.S. Atty. Benjamin Wagner.

Convicted on Monday were Charles Head, 36, a former Los Angeles resident; Benjamin Budoff, 46, of Colorado Springs; and Domonic McCarns, 39, of Irvine.

Wagner described Head as the leader of the operation that extracted more than $5.7 million in equity from victims’ homes, many in California. Evidence in the just-completed and a previous trial revealed that Head and his co-conspirators caused more than $15 million in homeowner losses.

The scam used several names, including Head Financial Services and Creative Loans, from March 2005 to June 2006.

Click to read more