DeKalb Cops, Feds Raid Suspected Loan Modification Scam Operation; Walk Off With Four Car Loads Of Records, Dozens Of Computers

In DeKalb County, Georgia, WGCL-TV reports:

• DeKalb police executed a search warrant at Matrix Capital Resources Tuesday. They are sorting out the details of the sale pitch that lured in hundreds of unsuspecting mortgage clients. Police hope the evidence will seal their case against Fred Lee, who they said is the mastermind behind Matrix Capital.

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• [P]olice filled four car loads with records from the company. Police are investigating allegations of fraud and theft. One of those boxes may hold the key that could land Lee behind bars. “We are out here conducting a search warrant on Matrix Capital Resources, looking for documents and uncovering other victims that we may not know about at this time,” said Sgt. John Germano of the DeKalb County Police Fraud Unit.

• The DeKalb police and Secret Service agents confiscated dozens of computers. Each of the computers they believe holds the stories of victims who have lost their homes. “We are looking at any related documents that would reveal any loan modifications either successful or unsuccessful,” Germano said.

• The files confiscated in this search warrant will likely detail how the ploy worked, police said. Police say Lee travels from state to state, community to community, and church to church selling hundreds of people on the hope of a lowering their mortgages. The cost was $1,500 up front. Police said Lee told clients that while the loan is in the modification process, they don’t have to make payments.

For the story and video, see Search Warrant Executed At Loan Modification Company.