Loan Modification Scam
A Roseville bankruptcy attorney comments on the lawyer arrested on charges of loan modification fraud...
It's been released that a Southern California lawyer, and his business partners were arrested on charges of defrauding over 400 victims in a $1.25 million loan modification scam. The attorney, Christopher Lee Diener and his business partners, Stefano Joseph Marrero and Terrence Green Sr. were each charged with "one felony count of conspiracy to commit grand theft and 97 felony counts of grand theft by false pretense with setencing enhancements for white collar crime and excessive taking" according to a recent press release by the Orange County District Attorney's office.
The trio are alleged to have defrauded hundreds of distressed homeowners by guaranteeing a loan modification, and promising to negotiate lower interest rates, reduce principal, and have lenders forgive second mortgages or late fees. Clients were required to pay in advance for their services that were never provided. In total, they are accured of fraudulently taking $1.25 million, including over $350,000.00 from credit card companies who had to refund cardholders for the fraud. The defendants are further accused of soliciting client referrals in exchange for referral fees which were never paid.
Anyone with additional information, or anyone who believes they are a victim of the scam, is encouraged to contact the supervising district attorney on the case. Homeowners are advised that throughly examine the nature of services promised by those offering loan modification services, and are discouraged from paying professional fees in advance.
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