David Saks: December 2011

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

LOAN MODIFIER CHARGED WITH SCAMMING HOMEOWNERS

Loan Modifier Charged with Scamming Homeowners

David Shawn Moffitt, 34, the owner of a loan modification business with offices in Lehi and St. George, Utah, has been charged with 9 felony counts for allegedly defrauding hundreds of desperate homeowners.

The defendant operated Fortified Financial, Fortified Academy and Wasatch Rent 2 Own between 2009 and 2010.

According to court documents, Moffitt charged between $2,500 to $3,000 to modify a loan so they would not lose their homes.  Customers were promised a full refund if they were not satisfied.

However, Moffitt allegedly refused to give refunds to as many as 200 eligible clients money because the money was being used to pay for personal expenses, including food, rent, entertainment and even $4,000 for his wife’s plastic surgery.

Company accountants found that Moffitt and his wife took $124,000 in 2009 and $72,000 in 2010 from Fortified and other $33,000 was transferred to Wasatch Rent 2 Own during those two years.

During the same time, Fortified employee paychecks started to bounce and bonuses were not paid.

After an investigation by Utah Division of Real Estate Chief Investigator Kent Nelson, Assistant Attorney General Che Arguello filed 7 second-degree felony counts of communications fraud, theft and racketeering and 2 third-degree felony counts of theft.

Investigators interviewed numerous clients victims and the charging documents include alleged victims in Vernal, St. George, Salt Lake City and Centerville, Utah. 

If convicted, Moffitt could serve 1-15 years in prison for each second-degree felony and 0-5 years behind bars for each third-degree felony.  All defendants are considered to be innocent unless convicted in a court of law.

Last March 2011, Moffitt was ordered to pay $92,000 in actual damages and $2 million in punitive damages after a civil lawsuit was filed by former clients. 

One of the defendants in the lawsuit, Daniel Pogue, was shot and killed by police in December 2010 after he pointed a shotgun at people outside the LDS Oquirrh Mountain Temple.

"We hope these charges send a strong message to anyone seeking to take advantage of struggling homeowners," says Attorney General Mark Shurtleff.    

"This scam should be a warning to everyone to take a hard look at anyone before trusting them with your money and especially your home," says Department of Commerce Executive Director Francine Giani.  "I would like to personally thank Assistant Attorney General Che Arguello and the entire Criminal Justice Division of the Attorneys General’s Office for their tireless efforts in assisting the Department of Commerce fight fraud in Utah."

Courtesy Mortgage Fraud Blog




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 1 commentDavid Saks • December 28 2011 06:20AM
LOAN MODIFIER CHARGED WITH SCAMMING HOMEOWNERS
share
Loan Modifier Charged with Scamming Homeowners David Shawn Moffitt 34, the owner of a loan modification business with offices in Lehi and St. George, Utah, has been charged with 9 felony counts for allegedly defrauding hundreds of desperate… more
TWO PLEAD GUILTY TO CONSPIRACY TO MAKE FALSE STATEMENT
share
Two Admit Conspiracy to Make a False Statement James Lee Putnam 40, and Alissa Rae Smith 29, both of Myrtle Beach, South Carolina, pled guilty in federal court in Florence, South Carolina, to conspiracy to make a false statement, a… more
TWO ARRAIGNED FOR ALLEGEDLY STEALING HOME OF DECEASED WOMAN
share
2 Arraigned for Allegedly Stealing Deceased Woman's Home Troy Lamar Preston 41, San Bernardino, California, and Mario Emile McKinley 31, Riverside, California, have been charged with two counts of forgery, two counts of offering a false or… more
Tuesday Terpsichore - The Theme Song from "The Arnold Palmer…
share
After a nice bike ride and run I sat down to write the Theme Song for "The Arnold Palmer Story". A film hasn't been made about Arnie yet, but with all of the screenplay writers from Hollywood moonlighting as real estate agents I should get… more
Real Estate Practice : Lesson 1460
share
#1460 When we consider the distance between the east and west boundary lines of any township, the distance between the boundary lines is six miles. Is this true or false … more
Real Estate Practice : Lesson 1459
share
#1459 When we speak of a township, a township contains 36 sections that are numbered 1 through 36. In each instance, the last township will be located in the northeast corner. … more
Real Estate Practice : Lesson 1458
share
#1458 The most important thing one should consider when trying to determine whether or not an iten is a fixture of personal property is how the item is being used in relation to the property… more
Real Estate Practice : Lesson 1457
share
#1457 Nearly every real estate brokerage has an obligation to pay for a salesperson's cell phone bill, continuing education and gasoline. Is this true or false Take your time on… more
Real Estate Practice : Lesson 1456
share
#1456 When a salesperson has to pay a desk fee the desk fee is used to pay for meals and never used to pay for the office facilities or as a substitute for the agent's commission. … more
Real Estate Practice : Lesson 1455
share
#1455 When a real estate agent considers himself an employee or an independent contractor the consideration will have an impact on whether or not the broker will have to pay social security… more