Terrill Meisinger, a Seal Beach resident has settled a case with federal prosecutors who accused him of operating a foreclosure rescue scam.
Meisinger agreed to pay $5 million as a penalty in the case, which ran from 2000-2004. Prosecutors out of the U.S. Attorney’s Office in Los Angeles accused Meisinger of convincing down-on-their-luck homeowners to deed their properties to him for cash payments of $500 to $1,500. He then transferred the title to third parties and filed bankruptcies that caused automatic stays to be placed on the foreclosure proceedings (bankruptcy fraud). The third parties had no awareness of the scheme, as their identities had been stolen by Meisinger, who then rented out the properties out to unsuspecting parties.
While I’m glad that Terrill Meisinger is paying back his ill-gotten gains, I’m very disappointed that prosecutors did not put him in prison, where he belongs, in my opinion.
Read the original article in the Los Angeles Times.