On July 26, the Department of Justice announced that a Vallejo resident was sentenced to four years in prison for conspiracy to commit wire fraud affecting a financial institution and bank fraud. The offender, along with two co-conspirators, operated a company called Capital Access LLC that reportedly preyed on homeowners nearing foreclosure.
Prosecutors claimed that Capital Access LLC approached homeowners with properties in tax sales or in foreclosure because they were behind in their payments to their mortgage companies. Capital Access bought homeowners out of foreclosure with quitclaim deeds. The offenders then used the equity remaining in the homes for operational expenses, including salaries. Federally insured mortgage companies also lost millions of dollars in the Capital Access case.
Ultimately, lenders were scammed out of more than $10.47 million because of the foreclosure fraud scheme. In addition, multiple California homeowners lost their homes and savings due to the crime. Another co-conspirator has already been sentenced to 14 years in prison. The third defendant is scheduled for a sentencing hearing on August 16.
Many white-collar criminal allegations can seem like open-and-shut cases. Nevertheless, every defendant is entitled to legal representation. An attorney can help a client throughout the legal process. A criminal defense attorney can help in all phases, from the investigation through to the trial if necessary. As ominous as charges may seem, a white-collar criminal defense could help a client understand their options. In some cases, it may be possible to fight for a dismissal of charges. A lawyer could also help a client negotiate for a plea bargain.