The Orange County man stole $2.2 million from distressed homeowners
Kevin Rasher of Orange County, Calif., has been sentenced to federal prison after admitting to a fraudulent loan modification scheme that targeted distressed homeowners to the tune of $2.2 million, the US Attorney’s Office for the Central District of California announced.
Under the scheme, Rasher victimized distressed homeowners through false promises that he could help them avoid foreclosure by obtaining modifications to their mortgages. Between 2011 and March 2016, Rasher told victims that he worked for the Department of Housing and Urban Development or claimed he was an attorney. He falsely informed the distressed homeowners that they have been approved for reduced mortgage payments or interest rates.
Rasher then told his victims to mail mortgage payments to one of his businesses, saying he would forward the payments to the victims’ mortgage lenders. Rather than forward the money as promised, he deposited the money into his bank accounts. He later used the money for his own personal expenses.
US District Judge Josephine Staton sentenced Rasher to 97 months in federal prison. He was also ordered to pay approximately $2.24 million in restitution to his victims. He pled guilty to 12 counts of mail fraud in May after having been in custody since his arrest more than a year ago.
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Under the scheme, Rasher victimized distressed homeowners through false promises that he could help them avoid foreclosure by obtaining modifications to their mortgages. Between 2011 and March 2016, Rasher told victims that he worked for the Department of Housing and Urban Development or claimed he was an attorney. He falsely informed the distressed homeowners that they have been approved for reduced mortgage payments or interest rates.
Rasher then told his victims to mail mortgage payments to one of his businesses, saying he would forward the payments to the victims’ mortgage lenders. Rather than forward the money as promised, he deposited the money into his bank accounts. He later used the money for his own personal expenses.
US District Judge Josephine Staton sentenced Rasher to 97 months in federal prison. He was also ordered to pay approximately $2.24 million in restitution to his victims. He pled guilty to 12 counts of mail fraud in May after having been in custody since his arrest more than a year ago.
Related stories:
Atlanta man heads to prison over home equity loan scheme
NJ man heads to prison over mortgage fraud scheme
