Tuesday, May 22, 2012

Loan Mod Scammer Falls After Forcing Feds Thru 10-Day Jury Trial; Stands To Get Hammered For Screwing 100s Across Country Out Of Hundred$ Of Thousand$

From the Office of the U.S. Attorney (Manhattan):

  • Preet Bharara, the United States Attorney for the Southern District of New York, announced that ISAAK KHAFIZOV, a former owner of American Home Recovery (“AHR”), a mortgage loan modification business, was found guilty [] in Manhattan federal court of conspiracy, mail fraud, and wire fraud, in connection with a scheme to defraud distressed homeowners and lenders.

  • KHAFIZOV was convicted after a ten-day jury trial [...]. He was remanded into the custody of the U.S. Marshals following his conviction.

  • Manhattan U.S. Attorney Preet Bharara said: “Isaak Khafizov dangled false promises of relief to distressed homeowners who were trying to keep their homes, but instead, he repeatedly victimized them by stealing their money and forcing many of them into foreclosure. He will now face justice for the fraud that he committed against vulnerable and needy homeowners all over the country.”
  • After receiving up-front fees from the distressed homeowners, KHAFIZOV and AHR did little or no work to try to renegotiate the homeowners’ mortgages. And on those rare occasions when KHAFIZOV succeeded in getting a homeowner a mortgage modification, he typically did so by coaching the homeowner to lie about his or her income and assets on forms submitted to the mortgage-lender.

  • Because KHAFIZOV and AHR did not do the work they had promised and because KHAFIZOV specifically directed the distressed homeowners to stop paying their mortgages and to pay AHR its fees instead, many of AHR’s clients wound up in foreclosure. All told, KHAFIZOV and AHR defrauded hundreds of customers across the country out of hundreds of thousands of dollars in fees.

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