Three people have been arrested in connection with a mortgage fraud that netted nearly $1 million from unsuspecting homeowners who were looking to refinance their mortgages. According to police, three employees of ALG, Inc., conspired to trick more than70 borrowers into refinancing their homes by promising to deliver low interest rates and fees. Once the borrowers had signed loan paperwork, according to Attorney General Jerry Brown, the men negotiated different terms with lenders, forged borrowers’ signatures, and pocketed fees ranging from $20,000 to nearly $60,000.

Borrowers discovered the scam when they requested true copies of the loan paperwork and discovered that the lenders had underwritten substantially larger loans under different terms. Michael McConville, of Simi Valley, Garrett Holdridge, of Palmdale and Alan Ruiz, of Huntington Beach were arrested in connection with the fraud. In addition, the three face charges of grand theft, forgery, elder abuse, and conspiracy to commit grand theft. The charges also include a special circumstance of aggravated white collar crime.

Ventura criminal defense attorney Robert Michael Helfend can assist you if you’re facing criminal charges including fraud, theft and grand theft. Mr. Helfend is an experienced criminal defense attorney in Southern California and specializes in criminal matters. Mr. Helfend will fight aggressively to get the charges against you reduced or dropped.

Contact Robert Helfend today for a free consultation on your mortgage fraud case.

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