Stephen Lyster Siringoringo, 34, Westminster, California, Joshua Michael Cobb, 32, and Alfred Orn Clausen, 41, Rancho Cucamonga, California have been charged for their alleged involvement in a major loan modification fraud scheme that resulted in losses of over 44 million dollars by unsuspecting victims.
The complaint alleges 23 felony counts of Grand Theft of Personal Property and taking upfront fees for loan modifications in addition to 24 counts of Money Laundering.
On March 5, 2015, investigators from the Real Estate Fraud Prosecution Unit of the San Bernardino District Attorney’s Office arrested Siringoringo and Cobb.
Both suspects allegedly took large sums of money from victims who were seeking loan modifications. A third suspect, Clausen is still at large and is suspected of leaving the country.
According to District Attorney investigators, the name of the alleged criminal entity was identified as the Siringoringo Law Firm, which had zealously advertised on local radio and television. The law firm advertised extensively in Spanish language media.
Victims were promised that their loan modifications would be handled by a licensed attorney. Instead, they were handed off to a non-attorney representatives who would falsify numbers, collect upfront fees and monthly payments which is illegal under the law.
Siringoringo and Cobb are scheduled for a Pre-Preliminary Conference March 13, 2015. If convicted as charged, the defendants face in excess of thirty years in state prison. Bail is currently set at $17,837,000 each for Siringoringo and Cobb.
San Bernardino Deputy District Attorney Vance Welch will prosecute this case.
This is an ongoing investigation and no further details will be released at this time. Anyone with information is encouraged to call the San Bernardino County District Attorney’s Real Estate Fraud Prosecution Unit at (909) 891-3519.