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CALIFORNIA DEFENDANTS INDICTED FOR DEFRAUDING VICTIMS IN LARGEST LOAN MODIFICATION SCHEME EVER PROSECUTED

tips-to-avoid-a-student-loan-scamSANTA ANA – An indictment was unsealed today against seven defendants, including an attorney, for defrauding over $13.5 million from over 3,500 victims in the largest loan modification scheme ever prosecuted in the nation.

From the Newport Beach Police Department & Orange County District Attorney Press Release dated May 22, 2014 (See http://orangecountyda.org/media/prudent.asp)

Defendants
Maziar Bordbar, 31, Irvine, is charged with conspiracy, grand theft, theft from an elder and money laundering. He faces a maximum sentence of 52 years in state prison. He is being held on $9.8 million bail.

Nathaniel Ferrer, 26, Orange, is charged with conspiracy grand theft, theft from an elder and money laundering. He faces a maximum sentence of 27 years and four months in state prison. He is being held on $9.8 million bail.

Pamela Gressier (a licensed California Attorney), 54, Huntington Beach, is charged with conspiracy grand theft, theft from an elder and money laundering. She faces a maximum sentence of 48 years and eight months in state prison. Gressier is a fugitive with a warrant for her arrest.

Saeid Yarandi, 31, Irvine, is charged with conspiracy, grand theft, and money laundering. He faces a maximum sentence 37 years and four months in state prison. Yarandi is a fugitive with a warrant for his arrest.

Roberto Duran, 41, Montebello, Masood Taghizadeh, 64, Laguna Niguel, and Joel Valdellon, 31, Dana Point, are each charged with conspiracy grand theft and theft from an elder. They face a maximum sentence of 14 years in state prison. Duran and Valdellon are being held on $5 million bail and Taghizadeh is being held on $3.5 million bail.

Background of the Case
Between Nov. 16, 2010, and June 6, 2011, Bordbar and Yarandi are accused of incorporating Consult Marketing Group, Inc. and Secured Processing, Inc. At the time of the crime, Gressier was a licensed attorney and practicing law in California. Between June 24, 2011, and Aug. 31, 2012, Gressier is accused of filing a fictitious business name statement doing business as Prudential Law Group, Prudent Law, Remedy Law, and Remedy Center Law to advertise loan modification services.

Circumstances of the Case
Between June 24, 2011, and Oct. 29, 2013, the Defendants coordinated mailings to thousands of homeowners advertising loan modification services. They hired and trained telemarketers to work as salespersons for homeowners calling in response to the advertisements. Bordbar and Yarandi (non-lawyers) provided “loan mod sales personnel” for Prudential Law and Remedy Center Law.

The Defendants are accused of falsely misrepresenting to approximately 3,500 customers that they qualify for a loan modification, when the defendants (as non-lawyers) had no ability or authority to represent the victims with respect to the mortgage lenders. The defendants are also accused of misrepresenting to customers of Prudent Law and Remedy Law, through their salespeople and website, that they were a law firm and customers would be represented by attorneys [when, in fact, the sales people and other non-lawyers were actually conducting the illegal modification process]. The defendants are accused of illegally charging upfront fees for loan modification services. They are accused of obtaining more than $13.5 million from the victims.

Victims of the loan modification scam reported the case to the Newport Beach Police Department (NBPD) and the Federal Bureau of Investigation (FBI). In August 2012, NBPD began investigating this case. On May 14, 2014, NBPD with assistance from the U.S. Secret Service (USSS) arrested Bordbar, Duran, Ferrer, Taghizadeh, and Valdellon.

NBPD, OCDA Bureau of Investigation, USSS, and the Franchise Tax Board investigated this case with assistance from The State Bar of California, FBI, Huntington Beach Police Department, Irvine Police Department, and the California Bureau of Real Estate.

To find out more information about this case and receive future updates, visit the Media Center on the homepage at www.orangecountyda.org and select Prudent/Remedy Law Loan Modification case.

Deputy District Attorney Megan Wagner of the Major Fraud Unit is prosecuting this case.