Central District Consumer Bankruptcy Attorney's Association

be careful what you wish for. this suit is NOT about helping borrowers...
*"The exploitation of Tarp is unacceptable, and Sigtarp and our law
enforcement partners will continue to pursue justice for such fraud."*
A California man has been accused of running a scheme to prevent banks from
foreclosing on properties.
Walter Bruce Harrell of Montara, Calif., has been indicted by a federal
grand jury on charges of bankruptcy fraud and making false statements in
bankruptcy proceedings, the Office of the Special Inspector General of the
Troubled Asset Relief Program and the U.S. Attorney for the Northern
District of California said Friday. Many of the creditors that were
prevented from foreclosing were banks that had received Tarp funds, the
special IG said.
Harrell's alleged scheme was a version of the so-called foreclosure-rescue
scam, in which a troubled property owner hires someone who says he can
forestall foreclosure proceedings.
Harrell's scheme involved transferring part of the interest in a
foreclosed-on property to a third party, whom Harrell would then pay to
file for bankruptcy, according to the indictment. The "automatic stay"
clause in bankruptcy law would then halt foreclosure sales.
The indictment charges Harrell with running this scheme on six properties
in 2011 and making false statements in two bankruptcy trials. The maximum
penalty is five years in prison and a fine of $250,000.
A Tarp spokesman could not provide figures on the total number of
properties involved in the scheme or the total value of the properties
Harrell allegedly blocked from foreclosure. The FBI and the Alameda County
police were also involved in the investigation, the spokesman said.
"Harrell is charged with exploiting Tarp banks and preying on vulnerable
homeowners by promising to delay their foreclosures for a monthly fee,"
Christy Romero, the special IG, said in a news release.
"To obstruct creditors, including Tarp banks, from foreclosing on the
homes, Harrell allegedly manipulated bankruptcy laws, making false
statements and transferring interests in the properties to third parties
whom he paid to file papers in court to hinder the foreclosure process,"
Romero said. "The exploitation of Tarp is unacceptable, and Sigtarp and our
law enforcement partners will continue to pursue justice for such fraud."
On Mon, Feb 25, 2013 at 3:29 PM, Stephen Vokshori wrote:
> **
>
>
> Finally, law enforcement in Northern California has taken action against
> one perpetrator involved with the bankruptcy hijacking fraud. A handful of
> my clients have been victimized by this recent problem so hopefully the
> AUSAs in LA follow suit. ****
>
> ** **
>
> See:
> http://www.americanbanker.com/issues/17 ... 011-1.html.
> ****
>
> ** **
>
> Thanks,****
>
> Stephen ****
>
> ** **
>
> *N. Stephen Vokshori, Esq. *
>
> Managing Attorney****
>
> 213-986-4323 x100 (direct) | 310-881-6996 (fax) ****
>
> stephen@voklaw.com (email) | www.VokLaw.com (website)
> ****
>
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>
> ** **
>
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>
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be careful what you wish for. this suit is NOT about helping borrowers...
The post was migrated from Yahoo.

Finally, law enforcement in Northern California has taken action against one
perpetrator involved with the bankruptcy hijacking fraud. A handful of my
clients have been victimized by this recent problem so hopefully the AUSAin LA follow suit.
See:

The post was migrated from Yahoo.