Loan Modification Scammer To Serve Minimum Of 12-30 Months In State Prison After Copping Plea In Upfront Fee Ripoff Targeting Homeowners In F'closure

From the Office of the Nevada Attorney General:

• Nevada Attorney General Catherine Cortez Masto announced today that Jeffery Tye Brown, 50, of Henderson, has pled guilty to felony mortgage fraud in violation of NRS 205.372,(1) in connection with the operation of DB Financial Services, a foreclosure rescue business located in Henderson.

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• The State’s case against Brown was based on an investigation by the Attorney General’s mortgage fraud task force which revealed that between December 2007 and February 2008, Brown contacted victims whose homes were going into foreclosure and obtained advance payments upwards of $999.00 for foreclosure rescue services that he never performed. He failed to give refunds despite promising refunds in his contracts and advertising. He also forged documents to the Mortgage Lending Division to cover up the criminal activity.(2)

For the Nevada AG press release, see Mortgage Foreclosure Rescue Scam Guilty Plea Announced.

(1) According to the press release, the crime is a Category C felony and carries a potential jail sentence of one (1) to ten (10) years and/or a fine of up to $10,000. In addition, the plea agreement requires Brown to execute Confessions of Judgment to the individual victims in an amount totaling $19,407.00. Under the terms of the plea agreement, he is not eligible for probation and will serve a minimum of 12 to 30 months in the Nevada State Prison.

(2) Shortly after execution of a search warrant on the DB Financial offices in 2008 by the mortgage fraud task force, Brown fled the country, the press release states. He was extradited back to the U.S. from the Philippines, where he was in hiding to evade authorities. The plea agreement requires Brown to forfeit monies seized from his company to pay for the costs of his extradition from the Philippines.