Mass. man sentenced in $7M loan fraud scheme

www.mgnonline.com
www.mgnonline.com

WEST PALM BEACH, Fla. (AP) — A sixth person has been sent to prison for his role in a Florida-based $7 million loan fraud scheme that targeted distressed homeowners across the country.

Federal prosecutors said Monday that 35-year-old Robert Bacon of West Newbury, Massachusetts, was sentenced to six years in prison after pleading guilty to fraud conspiracy and mail fraud charges. Two others are awaiting sentencing and two more people are awaiting trial in the case.

The case involved so-called telephone boiler rooms in Boca Raton and Deerfield Beach where calls were placed to homeowners behind on mortgage payments that promised attractive loan modifications in return for advance fees. In fact there were no loan modifications and the fees went to the fraud perpetrators.

An estimated 2,000 homeowners were affected by the scam.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s