Charges Filed for Equity Stripping Scheme

Allison Tussey —  March 28, 2011 — 1 Comment

Sadie Stanhope Ng, Quincy, Massachusetts, an alleged straw buyer, and Richard Winefield, Nasua, New Hampshire, a real estate agent, have been charged for their roles in an equity stripping scheme aimed at distressed homeowners in New Hampshire.

Winefield was charged on February 8, 2011, and Ng was charged on March 18, 2011. On March 1, 2011, Winefield pled guilty to the charges.

According to the charges, the defendants lured distressed homeowners with a promise that after signing their homes over to the defendants, the homeowners could rent the home and buy it back later.  After the defendants took legal title to the properties, they refinanced the houses with much larger loans, and misappropriated the equity for their personal use.  Thereafter, the defendants would flip the properties to straw buyers at inflated values.

Ng was a straw buyer on at least seven of the transactions.  

 

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Allison Tussey

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One response to Charges Filed for Equity Stripping Scheme

  1. I JUST READ ONE OF YOUR ARTICLES ON THE RESCUE SCAMMERS. LITTLE DID I KNOW ABOUT THIS KIND OF FRAUD UNTIL IT HAPPENED TO ME . THEY PROMISED ME A LOAN AND RENTAL BUYBACK. I OWNED MY HOME NO LIENS OR MORTGAGE BUT NEEDED MONEY. I ASKED FOR $58000 AND GOT $7000. THEY PROMISED ME THE REST AND THE RENTAL BUYBACK . THE NEXT THING I KNEW I WAS KICKED OUT BY A NEW OWNER WHO THEY HAD SOLD MY HOME TO FOR OVER $120000. THEY HAD A COMPANY FORECLOSURE RESCUE (LLC) IN FLORIDA, BUT WERE NOT LICENSED IN VA.HOW DID THEY GET AWAY?

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