Two Florida Residents Sentenced for Foreclosure Rescue Schemes

November 29, 2012 Posted by kingcade

Two Florida residents received sentencing on November 5, 2012 for their roles in a foreclosure rescue scheme that left a number of struggling families homeless. Pompano Beach, FL residents, Lisa Wright and Cathy Saffer, were each sentenced to more than 60 months in jail for charges of mail and wire fraud and conspiracy to commit mail and wire fraud. Florida Certified Public Accountant, Barrington Coombs, who was paid to participate in the scheme was also convicted and will receive his sentencing on December 7, 2012.

In the case that was investigated by the FBI, Wright and Saffer operated a company called Foreclosure Solutions Specialists from 2006 to 2009. The two women would seek out homeowners facing foreclosure, claiming the company could help keep homeowners in their homes. Wright and Saffer told homeowners that with their services, their homes would be sold to investors and that the families could remain in them. They also said that eventually they would be able to re-purchase their homes from the investors. Wright and Saffer designed bogus sales to straw buyers who were paid to participate in the scheme, rather than selling the homes to legitimate investors. Their mortgage transactions drew equity out of the homes, which they would keep and eventually the homes went into foreclosure.

U.S. Attorney for the Southern District of Florida, Wilfredo A. Ferrer is encouraging struggling homeowners to be cautious of companies such as Foreclosure Solutions Specialists. Ferrer said, “be wary of those whose promises seem too good to be true,” as more and more fraudsters are being investigated for schemes similar to this one.

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