Bond Set At $100K & $50K For Pair Pinched By Michigan AG For Allegedly Running Loan Modification Ripoff Racket That Screwed 200+ Homeowners Out Of $400K+
In Detroit, Michigan, M Live reports:
- Two men are accused of offering services they never provided to vulnerable homeowners looking to refinance their mortgages.
State Attorney General Bill Schuette issued a statement  announcing charges against Jeffrey Baker, 45, of Detroit and Leroy Yeagin Jr., 44, of Southfield related to the 9-month scam that allegedly defrauded 272 victims of more than $400,000.
The men are each charged with operating a criminal enterprise, punishable by up to 20 years in prison; conspiracy to conduct a criminal enterprise, punishable by up to 20 years in prison; and four counts of false pretense, punishable by up to 5 years in prison.
The men are accused of forming the company Wayne County Loan Modification in February of 2010.
The company offered loan modifications to customers to reduce their monthly mortgage payments and usually charged a fee of one month's mortgage up front for the service, an average of near $1,500.
Yeargin and Baker, however, never provided the loan modification.
- Bond for Baker was set at $100,000 and bond for Yeargin at $50,000. The men are scheduled to appear in court for their preliminary examination July 15.