California Real Estate Fraud Report

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01
Nov

La Jolla Man Gets Five Years for Loan Modification Fraud

Ian T. Kideys, 49, was sentenced in U.S. District Court in Indiana to five years in prison for defrauding homeowners across the U.S., for falsely promising to modify their mortgages. He had previously pleaded guilty to one count of wire fraud.

The court ordered him to pay $1.4 million in restitution to his victims. This looks like a good deal, since Kidey’s company took in upfront fees of over $3.4 million.

Kideys, of La Jolla, owned K2 Capital Management Inc., which operated under the dual names US Mortgage Bailout and iLoanAudit.

According to the U.S. Attorney’s Office in a news release, “US Mortgage Bailout obtained some mortgage relief for its customers through fraudulent representations to lenders, but otherwise simply collected money — thousands of dollars from each customer. Each customer received a money-back guarantee; few got any money back.”

Read the original article in the San Diego Union Tribune.

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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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