Archives For California

Samuel Paul Bain, aka Paul Bain, 35, Tustin, California, an owner and principal of the businesses, Aminullah Sarpas, aka Amin Sarpas and David Sarpas, 32, Irvine, California, also an owner and principal of the businesses, Damon Grant Carriger, 36, Corona, California, the principal sales manager, and Louis Saggiani, 64, Huntington Beach, California, the manager and chief accountant, have been arrested for allegedly offering bogus loan modification programs to financially distressed homeowners.

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Kevin Lauricella, 29, Thousand Oaks, California, a former Bank of America employee was sentenced to 30 months in federal prison for taking more than $1.2 million in bribes to approve artificially low-price short sales of properties on which the bank held mortgages.

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Jason George Rivera, Jr., 35, and Marc Christopher Harmon, 41, both of the East Bay, California, have been indicted and charged with eight counts of conspiracy and wire fraud for allegedly promising investors that their money would be used to fund efforts to purchase or trade collateralized mortgage obligations, fund short-term loans to banks, or invest in other ways.

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Barbra Alexander, 66, Monterey, California, was sentenced to nine years in prison and ordered to pay $6,306,770.96 in restitution following a trial in which she was convicted for her role in an investment fraud.

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Duy Khac Nguyen, 34, Garden Grove, California, is scheduled to be arraigned for defrauding 42 victims of over $92,000 by operating a fraudulent loan modification company.

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Terrill “Terry” Meisinger, 74, Seal Beach, California, is scheduled to be arraigned on federal fraud charges related to a mortgage rescue scheme in which he made false promises to the distressed homeowner, filed fraudulent bankruptcies to delay foreclosure and rented the property to third parties as the foreclosure proceedings were delayed.

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Aldo Joseph Baccala, Petaluma, California, who ran a Ponzi scheme that defrauded victims more than $17 million, was sentenced to 20 years in state prison and ordered to pay a fine of $6.4 million at a hearing in Sonoma County, California.

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Joseph Gekko, 45, Yorba Linda, California, pleaded guilty to three counts of wire fraud in connection with a mortgage fraud scheme. Gekko admitted that he had prepared fraudulent HUD-1 Settlement Statements, which not only falsified the purchase prices, but the true source of down payments.

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Ronald Vernon Cupp, Santa Rosa, California, was convicted by a jury of running a mortgage elimination scheme wherein he charged homeowners up front fees in exchange for allegedly eliminating their mortgage.

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Marvin Solis, 30, Richmond, California, was sentenced on June 11, 2014, to 27 months in prison and ordered to pay restitution for a real estate investment fraud scheme he perpetrated against his relatives.

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