The Premise of the Loan Modification Scheme
Allegedly, the conspiracy targeted at least 3,500 victims via mailers, a misleading website, and telemarketers over a span of more than two years. After being lured in the victims were charged an illegal up-front-loan modification fee with promises of services the company couldn’t offer. Once the company was set up the accused continually changed its name – to Prudent Law, Remedy Center Law, and other similar names. Teams were trained to falsely tell customers they qualified for loan modifications and then assure the customers that a company lawyer would be able to represent them. Officials are calling it the largest crime of its type ever prosecuted in the United States.
Orange County residents Maziar Bordbar (31), Nathaniel Ferrer (26), Pamela Gressier (54), and Saeid Yarandi (31), were accused of being behind the scam. According to the district attorney’s office Bordbar, Ferrer, Gressier and Yarandi each face decades in prison if convicted on the scores of felonies related to fraud and money laundering. According to the district attorney’s office Gressier, was the only licensed attorney in the group.
Three more alleged conspirators — Roberto Duran (41), Masood Taghizadeh (64), and Joel Valdellon (31), were hired to manage the company’s sales team and direct the team to falsify the company’s services to customers. Each face six felonies related to fraud, conspiracy and theft and could spend up to 14 years each in state prison if convicted.
Bordbar, Duran, Ferrer, Taghizadeh and Valdellon were arrested by Newport Beach police and U.S. Secret Service agents. Their bail amounts range from $3.5 million to $9.8 million. Gressier and Yarandi have not been apprehended; warrants are out for their arrests.
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Source: Los Angeles Times, O.C. loan modification scheme largest ever prosecuted, officials say, May 23, 2014