Sale Leaseback Peddler Gets 96 Months In Connection With Foreclosure Rescue Equity Stripping Racket That Targeted Financially Strapped High-Equity, No-Cash Homeowners

Fed Up & Fighting Back blog reports that Felix Daniel, an alleged foreclosure rescue operator based in Michigan and who did business as RYM Technology Holdings ("Rymtech" was sentenced in a Chicago, Illinois Federal court to 96 months in federal prison and five years parole and over $4 million in restitution/forfeiture)  in connection with a fraudulent scheme involving the equity stripping from homes of high-equity, no-cash homeowners through the peddling of bogus sale leaseback arrangements.(1)

Source (includes original indictment): Felix Daniel Guilty.

Go here for the Memorandum Opinion & Order denying Daniel's motion for a new trial.

Go here for the Illinois Secretary of State's Order of Prohibition addressing Daniel's racket in an earlier, unrelated administrative proceeding.

Thanks to Linda Spak for the heads-up on the conviction.

(1) For more on this type of foreclosure rescue ripoff, see:

• Criminal Prosecutions Of Sale Leaseback Peddlers In Equity Stripping Foreclosure Rescue Deals;
• Dreams Foreclosed: The Rampant Theft of Americans' Homes Through Equity-stripping Foreclosure 'Rescue' Scams (June 2005).