Irvine-based Ped Abghari and Justin Romano of Blue Point, New York, have each pleaded guilty to wire fraud and conspiracy to commit wire fraud in a loan modification scam. Abghari, who also uses the name Ted Allen, additionally pleaded guilty to misprision of a felony.
The indictment, brought by the Office of the U.S. Attorney for the Southern District of New York, alleges that Abghari offered mortgage modification services through the Irvine company he owned and that Romano did the same as the president of two “purported” law firms in New York. The men found their customers by purchasing the contact information of homeowners in distress and hiring a telemarketing firm to solicit their services to those homeowners. In all, the two men and their firms collected over $18.5 million from over 8,000 homeowners/victims.
Read the original article in HousingWire.