Another foreclosure scam in Nevada

• Moneys taken fraudulently
• Nothing done to help in return
• One victim left penniless
• Attorney General is pressing charges

The Attorney General of Nevada Catherine Cortez Masto has alleged that a firm named PDM Financial Group Incorporated has been operating a foreclosure rescue scam under the guise of helping distressed American borrowers modify their mortgages and keep their homes. Their technique was simple – charge the victims 1% of their outstanding balance up front, and then do nothing more about their case.

The two men behind PDM Financial Group Incorporated, Tejada Medina and Benjamin Aquino Moraleda III, are alleged to have collected between $2,600 and $3,700 per victim for a loan modificationand document preparation service that they claimed would either prevent foreclosure, or obtain a loan modification, or even both. The Attorney General is claiming that the swindle included convincing victims to sign deeds of trust that gave the men liens over their homes in exchange for fraudulent promissory notes. These documents alleged that loans had been made against the properties, when in fact nothing of the kind had happened. It seems that their tactic was to confuse the title to the property and obstruct legitimate foreclosure by others.

 “My mortgage fraud strike force is working hard to prosecute loan modification scams that plague our state,” Attorney General Catherine Cortez Masto announced yesterday. “Consumers must also take steps to protect themselves from these scammers. “

Her indictment includes a claim that that the accused defrauded a person over the age of sixty years by beguiling him into investing a large amount of money in PDM Financial Group Incorporated, without first disclosing to him that the company was a criminal enterprise. In addition, they persuaded their victim to open several credit card accounts in his name, which they then used for personal expenses. This left him with sizeable credit card debt that he cannot afford to pay back.

The Attorney General’s Mortgage Fraud Task Force and Bureau of Consumer Protection are pressing the case, following numerous complaints regarding fraudulent claims made by PDM Financial Group Incorporated. Several of their clients have alleged that they paid thousands of dollars, only to learn later that their lenders had not even been contacted. It is always sad to hear about ordinary Americans being defrauded, especially older victims without time left to recover their situation. If these charges turn out to be true, I personally hope that the fraudsters are sent to prison for a suitably long time.

The indictment is not a statement of innocence or guilt and the defendants (against whom arrest warrants have been issued) are presumed innocent until proven guilty. Anyone who has information regarding this case is asked to contact the Attorney General’s Office at 486-3777 in Las Vegas, or 684-1180 in Carson City.

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