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Principals of Mortgage Brokerage Arrested in Equity-Skimming and Foreclosure Avoidance Scheme Targeting Distressed Homeowners
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Principals of Mortgage Brokerage Arrested in Equity-Skimming and Foreclosure Avoidance Scheme Targeting Distressed Homeowners
U.S. Attorney’s Office
September 14, 2012 Central District of California
(213) 894-2434
LOS ANGELES—The top two managers at a Westwood-based mortgage brokerage company have been arrested on federal charges relating to a foreclosure avoidance and equity-skimming scheme that targeted distressed homeowners. According to an indictment in this case, the scheme led several mortgage lenders to disburse more than $15 million in loan proceeds—with nearly half of that being lost to the fraud conspiracy.
Federal authorities on Tuesday arrested David Singui, 49, of Inglewood, and Aziz Meghji, 35, of Los Angeles, who were, respectively, the principal owner and the second-in-charge at Direct Money Source (DMS), a mortgage brokerage which allegedly operated as an equity-skimming operation that took possession of distressed homeowner’s equity under fraudulent pretenses and also defrauded mortgage lenders.
A third defendant in the case—Kiet Truong, 27, of Hawthorne, who worked at DMS, surrendered to authorities yesterday morning.
The fourth defendant named in the 42-count indictment—Starr Smith, 31, whose last known address was in Long Beach, is a fugitive currently being sought by authorities.
The federal grand jury indictment, which was returned on September 6, charges all four defendants with conspiracy, wire fraud, loan fraud and aggravated identity theft. Singui and Meghji are additionally charged with money laundering.
DMS held itself out as a company with a “Fresh Start Program†that was devoted to assisting distressed homeowners avoid foreclosure by arranging to have their homes purchased by so-called “credit investors,†who would hold the properties for 12 months and then sell them back to the original homeowners after they restored their credit ratings. In fact, as alleged in the indictment, DMS was an equity-skimming operation that took possession of distressed homeowner’s equity under fraudulent pretenses. the scheme allegedly defrauded mortgage lenders in connection with loans on approximately 50 different properties.
As part of the scheme, DMS told distressed homeowners that it would provide affiliated “credit investors†with good FICO scores, which the “credit
Principals of Mortgage Brokerage Arrested in Equity-Skimming and Foreclosure Avoidance Scheme Targeting Distressed Homeowners
Info Twitter (4)Facebook (58)Share
Principals of Mortgage Brokerage Arrested in Equity-Skimming and Foreclosure Avoidance Scheme Targeting Distressed Homeowners
U.S. Attorney’s Office
September 14, 2012 Central District of California
(213) 894-2434
LOS ANGELES—The top two managers at a Westwood-based mortgage brokerage company have been arrested on federal charges relating to a foreclosure avoidance and equity-skimming scheme that targeted distressed homeowners. According to an indictment in this case, the scheme led several mortgage lenders to disburse more than $15 million in loan proceeds—with nearly half of that being lost to the fraud conspiracy.
Federal authorities on Tuesday arrested David Singui, 49, of Inglewood, and Aziz Meghji, 35, of Los Angeles, who were, respectively, the principal owner and the second-in-charge at Direct Money Source (DMS), a mortgage brokerage which allegedly operated as an equity-skimming operation that took possession of distressed homeowner’s equity under fraudulent pretenses and also defrauded mortgage lenders.
A third defendant in the case—Kiet Truong, 27, of Hawthorne, who worked at DMS, surrendered to authorities yesterday morning.
The fourth defendant named in the 42-count indictment—Starr Smith, 31, whose last known address was in Long Beach, is a fugitive currently being sought by authorities.
The federal grand jury indictment, which was returned on September 6, charges all four defendants with conspiracy, wire fraud, loan fraud and aggravated identity theft. Singui and Meghji are additionally charged with money laundering.
DMS held itself out as a company with a “Fresh Start Program†that was devoted to assisting distressed homeowners avoid foreclosure by arranging to have their homes purchased by so-called “credit investors,†who would hold the properties for 12 months and then sell them back to the original homeowners after they restored their credit ratings. In fact, as alleged in the indictment, DMS was an equity-skimming operation that took possession of distressed homeowner’s equity under fraudulent pretenses. the scheme allegedly defrauded mortgage lenders in connection with loans on approximately 50 different properties.
As part of the scheme, DMS told distressed homeowners that it would provide affiliated “credit investors†with good FICO scores, which the “credit
