Foreclosure Rescue Scam Victims Get Their Day in Court
Nearly 1,500 consumers ripped off by a mortgage loan modification and foreclosure rescue scam will be receiving refund checks from the Federal Trade Commission.
The ringleader of the scam, Bryan D'Antonio, has run afoul of the FTC more than once since 1999 for defrauding consumers and violating court-ordered bans against telemarketing.
Some 1,455 victims of D'Antonio's latest scam,Tax Relief ASAP, will receive checks averaging approximately 24% of their total losses. But that won't be much comfort to victims who lost their homes to for his bogus foreclosure rescue scheme.
D'Antonio's first run-in with the FTC occurred in 1999, when the agency filed a complaint against him and his company, Data Medical Capital, Inc. for running a work-from home telemarketing scheme. The FTC accused D'Antonio of lying to consumers by promising them incomes of at least $23,400 per year by purchasing his medical billing work-at-home program.
Very few consumers who bought into his work-at-home scheme, the FTC said, were able to generate clients, start a business or earn any money. D'Antonio settled with the FTC in 2001 and was fined more than $600,000 to reimburse his victims. He was also banned for life from marketing business ventures, employment opportunities, work-at-home opportunities and telemarketing.
Read the full story at WalletPop.
For more on foreclosure rescue scams and how to protect yourself, read these useful guides:
Foreclosure Rescue Scams: How to Recognize Bogus Mortgage Help
Spot Foreclosure Rescue Scammers Before They Spot You
How to Protect Yourself Against Fraud
For more insight on mortgages and refinancing see these AOL Real Estateguides:
- Mortgage Jargon in Simple Terms
- How to Get a Low Mortgage Rate
- When to Refinance
- Four Ways to Benefit From a Cash-In Refinance