The proverbial loan modification $hit is hitting the fan for the thousands of unscrupulous mortgage brokers and loan officers (AKA Cock Brokers) across the US who are still operating outside the law. Simply put, these cockbrokers are being smoked out by law enforcement and locked in cages where they belong.
FYI Scammers – If long prison sentences, no bail and the possibility of being kidnapped and murdered for your scams does not place the fear of God in your scamming hearts, then maybe being locked in a cage is just what we need to protect society against predators like you.
A U.S. Secret Service investigation into an alleged mortgage scam run by a 34-year-old Boca Raton man has led to his arrest and seizure of assets including a Rolls Royce Phantom, Lamborghini, Ferrari and 42-foot Fountain racing boat.
Jason Vitulano, who worked for TopDot Mortgage Company in Boca Raton in 2006 and 2007 and later formed his own loan modification firm, is facing federal charges of mail and wire fraud, according to a criminal complaint filed Tuesday in the U.S. District Court, Southern District of Florida.
He said Vitulano was being held without bail in the Palm Beach County jail, but is scheduled for a bond hearing Monday.
Vitulano had his mortgage modification company, FHA All Day.com, which was formed in 2008, shut down by the Florida attorney general in July following complaints that it charged up-front fees for foreclosure rescue cases, but did little for clients.