doj logoA Weston, Fla.-based CPA has been sentenced to serve a year and a day in prison for his role in a fraudulent foreclosure rescue scheme that targeted homeowners on the brink of losing their homes. Barrington Coombs, 58, drew the prison time after being convicted in July of one count of conspiracy to commit mail and wire fraud and one count of wire fraud.

According to testimony, two of Coombs' accomplices, Lisa Wright and Cathy Saffer, operated Foreclosure Solution Specialists from 2006 to 2009. Wright was previously sentenced to 66 months in prison; Saffer drew 60 months. FSS advertised that it could assist homeowners in danger of foreclosure in remaining in their homes

FSS told distressed homeowners that their residences would be sold to investors and that they could remain in them and repurchase them later. Instead, the company sold the houses to straw purchasers who were paid to participate in the scheme.

Coombs was paid to write letters vouching for loan applications that contained false information. These letters were utilized by lenders in deciding to fund loans. The mortgage transactions completed by FSS took equity out of the homes, which the principals pocketed. The company then allowed the loans to go into foreclosure. Most victims, who had lost all equity in the houses, were forced to move.

Last modified on Sunday, 02 June 2013
Read 3097 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline