Tuesday, May 22, 2012

Scammer Gets 18 Months For Running Loan Modification Ripoff That Fleeced 80+ Homeowners Out Of $250K

From the Office of the U.S. Attorney (St. Louis, Missouri):

  • Marien Brown was sentenced to 18 months in prison, and ordered to pay approximately $250,000 restitution for falsely representing that she operated a “mortgage rescue” or “foreclosure rescue” service.

  • According to court documents, Brown, 42, Wentzville, Mo., also known as Marien White, owned and operated 1st Financial Resource, LLC, (First Financial) from September 2008 until March 2009, at which time the business became known as 1st Federal Resource, LLC (First Federal).
  • Brown researched and identified groups of vulnerable homeowners in Hawaii that were one or more mortgage payments behind, or were in imminent risk of home foreclosure, and sent out a large number of unsolicited mailings to prospective clients claiming that she operated a “mortgage rescue” or foreclosure rescue” service.

  • More than eighty clients responded to her mailings and wired funds to First Federal. Brown converted these funds to her own use. None of the client funds were ever sent to lenders. [...] Her scheme resulted in losses of approximately $250,000.

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