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FCC warns of 50-state scam by fraudsters posing as mortgage lenders. Kate Gibson. Updated January 15, 2025 at 2:16 PM. Getty Images/iStockphoto. ... How to know if it's a scam.
Traynor was subsequently sentenced to 12 years in Florida state penitentiary. [ 3 ] "Armenian-American community loses $19 Million": The SEC's complaint alleges that this affinity fraud targeted Armenian-Americans with little investment experience, for some of whom English was a second language.
Reports on the purported scam are an Internet hoax, first spread on social media sites in 2017. [1] While the phone calls received by people are real, the calls are not related to scam activity. [1] According to some news reports on the hoax, victims of the purported fraud receive telephone calls from an unknown person who asks, "Can you hear me?"
American Freedom Mortgage, Inc. (AFM) was a private S Corporation incorporated on February 2, 2001, according to the Georgia Secretary of State, and headquartered in Marietta, Georgia. AFM conducted business as a multi-state direct-to-consumer correspondent lender and mortgage broker specializing in the origination of subprime and Alt-A ...
DFC was incorporated in 1996 as a Delaware corporation. [1] DFC was a sub-prime lender focused on lending to individuals who generally do not satisfy the credit, documentation or other underwriting standards set by more traditional sources of mortgage credit, including those entities that make loans in compliance with the conforming lending guidelines of Fannie Mae and Freddie Mac. [1]
The Bennett Funding Group was a leasing & funding company based in Syracuse, New York.BFG operated under the Bennett Receivables Corporation, Bennett Receivables Corporation II, Bennett Management and Development Corporation, +++The Processing Center, Inc., Resort Service Company, Inc., American Marine International, Ltd., Aloha Leasing, and Aloha Capital Corporation brands.
In 1995, John Paul Reddam founded Ditech Funding Corporation in Costa Mesa, California. [3] The company's name was derived from the phrase “direct technology.” [3] [4] Ditech became one of the first lenders to offer mortgages to the public online and via a toll-free number. [3]
Omega Trust & Trading Ltd. was an American company that engaged in prime bank fraud from 1994 to 2000. [1]: 135–136 The organization was created by retired electrician Clyde Hood, who presented it as an offshore investment program offering complex financial instruments with a payout of 50-to-1 or more.