Andrew H. Williams and his co-defendants targeted homeowners and home buyers to pay at least $50,000 in exchange for a promise to pay off the homeowner’s mortgage within 5 to 7 years – trial begins on November 1, 2011.
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Homeowners needing assistance are reminded to avoid companies selling “foreclosure rescue,” “securitization audits” and other home loan modification schemes.
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Guadalupe Valencia, 47, West Covina, California, who admitted running a real estate Ponzi scheme that took in approximately $6.9 million from more than 150 victims has been sentenced to 108 months in federal prison.
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Steven Patrick Nohrden, 36, Las Vegas, Nevada, was arrested for a scam that involved taking over vacant homes he did not own and renting them out to unsuspecting individuals. The true home owners eventually discovered that these individuals were living in their home without their consent.
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Manuel Garcia, 69, who now resides in Los Angeles, California, entered a guilty plea to an indictment charging him with six counts of bank fraud.
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Juan Carlos Hernandez, 42, West Warwick, R.I., a former loan officer with National City Mortgage Company, pleaded guilty to his role in a “straw-borrowing” scheme that netted more than $3.5 million in fraudulently obtained mortgages on 13 properties in five Rhode Island communities.
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Stephen J. Troese, Sr., 72, Davidsonville, Maryland, pleaded guilty to wire fraud arising from a scheme to defraud lenders and a title insurance company of at least $937,183.
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Jaco Huguet, 29, Phoenix, Arizona, a former loan officer, was sentenced by U.S. District Court Judge Frank Zapata to 24 months in federal prison for his role in conspiracy to defraud lenders.
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Justin Michael Ray, Cedar Rapids, Iowa, a mortgage broker who schemed with his father to defraud a mortgage lender was sentenced October 12, 2011, to more than three years in federal prison.
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Stacy Harrold, 43, was sentenced to 75 months in prison, ordered to pay $1,000 to a California man whose identity they stole as part of the scheme and pay a fine of $10,000. David Schoenhofen, 43, was sentenced to 54 months in prison and was ordered to forfeit a rental home. The final member of the group who was found guilty of criminal racketing in the mortgage fraud case, Eric Bernard, will be sentenced Nov. 1, 2011. Prosecutors are seeking a 150 month prison sentence.
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