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Friday, February 29, 2008

L.A. man indicted here in bankrupty fraud

Foreclosure This just in from reporter Brad Cooper:

A federal grand jury today indicted a Los Angeles man on charges that he filed fraudulent bankruptcy petitions to help homeowners who were behind on their mortgage payments.

The grand jury indicted Isacc Yass, 41, on six counts of mail fraud and six counts of aggravated identity theft. Yass is accused of telling homeowners who were delinquent on their mortgages that, for a fee, he could stop foreclosure, according to U.S. Attorney Eric Melgren.

Yass then filed fake bankruptcy petitions in federal courts in Topeka, Wichita and Kansas City, Kan. in the names of non-existent businesses claiming to be part owners of the properties facing foreclosure.

That led to an automatic stay in the foreclosures and stopped creditors from seeking further action against those properties.

Yass faces a maximum penalty of 30 years in federal prison and a fine up to $1 million on each count of mail fraud, and a mandatory two years and a fine up to $250,000 on each count of aggravated identity theft.

This is probably linked to the foreclosure scam Paul Wenske wrote about the other day, for those who are interested in a more in-depth look at it.

-- Sara Shepherd

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