Two Sentenced in TARP Fraud Case

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This article brings to mind the fact that with all the damage that was done to millions of US citizens by the banking/mortgage industry collapse not 1 person of any consequences was even charged. All they ever did was say “Sorry”. Please read the article below.

The FHA Condos Approval Company, Inc.

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Two men were sentenced to a combined 17 years in prison on Friday for their roles in a nationwide foreclosure rescue scam according to Christy Romero, the Special Inspector General of the Troubled Asset Relief Program (SIGTARP). Mark S. Farhood, 49, formerly of San Diego, California, and Jason S. Slant, 38, formerly of Lecanto, Florida, deceived hundreds of distressed homeowners into surrendering their properties to the men’s fraudulent company.

The company went by various names, including Home Advocate Trustees and Walk Away Today, and used various websites to deceive homeowners into surrendering their property. Farhood was sentenced to 11 years in prison followed by 3 years of supervised release. Sand was sentenced to 6 years in prison followed by 2 years of supervised release.

“Farhood should spend the next 11 years in prison thinking about how he preyed on and cheated 389 distressed homeowners out of their homes by ‘buying’ their homes in fake sales for $10 per property and then renting out the homes for $4 million, which he used to fund construction of his $1 million home in Costa Rica,” Romero said. “Farhood and his co-conspirator Sant, who was sentenced to six years in prison, hid their identities, stole identities of people whose pictures they found on the Internet, and exploited TARP’s housing program by submitting phony applications to stall foreclosures while they rented out the properties.”

Farhood and Sant admitted in their pleas that their business was a fraud, and that the scheme allowed them to take possession of hundreds of residential properties and rent them to unsuspecting tenants.

To read the complete article please use the link below.

Two Sentenced

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