Wednesday, September 12, 2012

Scammer Who Ran Loan Modification Ripoff Dodges Hard Prison Time, Gets 180 Days In County Jail, Probation On Five Misdemeanor Charges

From the Office of the Los Angeles, California City Attorney:

  • City Attorney Carmen A. Trutanich [] announced his office secured a criminal conviction and restitution for victims of a Los Angeles man operating a loan modification scam.

    Defendant Carlo Hamrahi bilked each of his victims out of thousands of dollars by claiming he could reduce their mortgage interest rates through federal government programs RESPA (Real Estate Settlement Procedures Act) and TILA (Truth in Lending Act). [...] Defendant Hamrahi, 40, entered a no contest plea to five misdemeanor counts of grand theft and identity theft.

  • Los Angeles Superior Court Judge Yolanda Orozco sentenced Defendant Hamrahi to 180 days in jail and five years probation. In addition, the defendant was also ordered to pay $18,500 in restitution to the five victims named in the case and is prohibited from engaging in the business of real estate loans, modifications, servicing and all other financial transactions relating to real estate during the period of probation.
  • Dating back to 2010, Defendant Hamrahi, through his Los Angeles business, engaged in a scheme of soliciting money, primarily from members of the Armenian-American community residing in the San Fernando Valley, for the purposes of assistance with loan modification and debt relief.

    Each of the victims paid thousands of dollars in fees and advance payments to Defendant Hamrahi who failed to perform any of the promised and paid-for services.

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