Mortgage Broker Gets 5 Years for Fraud

admin —  March 24, 2010 — Leave a comment

Julian James Ruiz III, 38, Salem, Oregon, a mortgage broker was convicted and sentenced on mortgage fraud, theft, identity theft and tax evasion charges.

Ruiz was sentenced to 61 months in prison after pleading guilty to 2 counts of Aggravated Theft in the First Degree; 1 count of Aggravated Identity Theft in the First Degree; 1 count of Identity Theft in the First Degree; 1 count of Mortgage Fraud; 1 count of Forgery in the First Degree; 1 count of Tax Evasion; and 1 count of violating House Bill 3630, which prohibits collecting advance fees for loan modifications.

Ruiz was stripped of his mortgage license and permanently barred from working in the industry. Ruiz, manager and owner of American Home Modifications, a Salem, Oregon based loan modification company was also ordered to pay $469,500 in restitution to more than 100 victims.

The Ruiz investigation involved the Oregon Department of Justice’s Financial Fraud and Criminal Justice sections, the state Division of Finance and Corporate Securities, the Salem Police Department and the Marion County District Attorney’s Office.

Oregon Attorney General John Kroger made the announcement.

This is the first criminal case completed by the Attorney General’s new Mortgage Fraud Task Force. The Mortgage Fraud Task Force was created by Attorney General Kroger in late 2009 to combat fraud in the mortgage and foreclosure relief industries.

If you cheat vulnerable Oregonians facing foreclosure, we will hold you accountable,” said Attorney General Kroger.

Assistant Attorneys General Simon Whang and Janelle Wipper prosecuted the case for the Department of Justice.

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