California Real Estate Fraud Report

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14
Jun

Sacramento Man Sentenced to 18 Years for Foreclosure Fraud, Loan Modification Fraud

Richard Henri Fecteau, 52, the former operator of a foreclosure rescue company called Team Fecteau, has been sentenced to 18 years in state prison.

In April, Fecteau was convicted by a Sacramento County jury of 23 felony real estate fraud charges related to grand theft, recording false documents and illegally acting as a foreclosure consultant. Sacramento Superior Court Judge Majorie Koller handed down his sentence and ordered ordered Fecteau to pay more than $35,000 in restitution to the many victims he defrauded.

Fecteau’s foreclosure rescue company ran a scheme whereby  he directed homeowners to deed their properties properties to a trust. The trusts were held by people who had recently filed bankruptcy and Fecteau was a co-trustee, which placed an automatic stay against foreclosure of the properties. The duped homeowners were told to make no more payments to their lenders and instead to make monthly payments to Fecteau.

Read the original article in the Sacramento Bee.

 

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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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