Colorado AG Shuts Down Loan Modification Racket That Used Obama Video, FDIC Materials To Fake Affiliation With Federal Government
In Denver, Colorado, INDenver Times reports:
- Colorado Attorney General John Suthers announced  that his office has obtained a judgment against American Mortgage Consultants, its owner, Oliver Paul Maldonado, 37, and its principal employee, Santiago Fabian Pineda, 32, barring the company and its officers from engaging in mortgage fraud or any aspect of the mortgage business. American Mortgage Consultants, Maldonado and Pineda will be required under the consent judgment to pay a total of at least $75,000 in fines and restitution to the state.
- According to the lawsuit, American Mortgage Consultants used deceptive advertisements to attract approximately 170 consumers to the loan modification company from January 2009 through March 2010. Maldonado also used video of President Barack Obama and materials from the Federal Deposit Insurance Corp. to give consumers the impression that the company was affiliated with the federal government. American Mortgage Consultants did little if anything to help its customers renegotiate or modify their home loans beyond shipping off their applications to an Ohio-based company.
For the story, see Suthers shuts down mortgage scammer.
For the Colorado AG press release, see Attorney General announces judgment against fraudulent loan modification company.
For the court judgment obtained by the AG's office, see State of Colorado v. American Mortgage Consultants, et al.