California Real Estate Fraud Report

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24
Jul

California Attorney General Announces Judgment against Loan Modification Fraud Defendants

Three people who California Attorney General Kamala D. Harris’ office accused of running a loan modification scam that fleeced homeowners in financial distress have been ordered to pay-up for their crimes.

Zulmai Nazarzai, Hakimullah Sarpas and Fasela Sheren (aka Sharon Fasela), all of Statewide Financial Group, Inc., were were all found liable for violating California’s Unfair Competition Law and False Advertising Law at a bench trial held in Orange County Superior Court. Statewide Financial Group did business as US Homeowners Assistance and Webeatallrates.com. They were ordered by the judge to pay $4 million in penalties, which includes $2 million for lying (ok: “falsely promising”) to their victims that they would get loan modifications and another $2 million in penalties.

Whether any of that money will ever be collected is in question. Zulmai Nazarzai was previously prosecuted by AG Harris’ Office for contempt of court for refusing to return $360,000 as ordered by the court. Since he has refused to comply with the court’s order, he remains in the Orange County jail.

Read the press release from the Office of the California Attorney General’s website.

This entry was posted on Tuesday, July 24th, 2012 at 3:07 pm and is filed under Loan Modification Fraud, Loan Modification Scams, Mortgage Elimination, Mortgage Fraud, Mortgage Rescue Fraud, Mortgage Rescue Scams. Responses are currently closed, but you can trackback from your own site.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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