Scheme relied on English and Spanish radio and TV ads to seek out distressed homeowner clients, authorities say.
Disbarred attorney Stephen Siringoringo was arrested March 5, and this booking photo was released, in connection with criminal complaint filed in San Bernardino County Superior Court that accuses him of felony grand theft and money laundering. He has entered not guilty pleas to the charges. Siringorongo, of Westminster, and two others, Alfred Clausen, and Joshua Cobb, allegedly collected upfront fees from distressed homeowners for loan modification services. Victims were told their modifications would be handled by a licensed attorney, the complaint says, but instead, were managed by non-attorney representatives who allegedly falsified numbers and violated state law bycollecting upfront fees.
Alfred O. Clausen, 41, of Rancho Cucamonga, was one of three defendants named in a felony complaint by the San Bernardino County Prosecutor's Office, now before San Bernardino County Superior Court, alleges that grand theft and money laundering crimes were committed in a $44 million loan modification scheme against distressed homeowners across Southern California. Clausen was reported to be at-large Thursday, March 12, 2015, and is suspected of leaving the country.
Joshua Cobb, 32, Upland, was arrested and this booking photo was taken on March 5 in connection with a on $44 million loan modification scheme linked to the Siringoringo Law Firm, a venture that had offices in Rancho Cucamonga. Cobb has pleaded not guilty to charges of money laundering and grand theft in a felony complaint filed in San Bernardino County Superior Court.
Stephen Lester Siringoringo, a Westminster lawyer who was the subject of hundreds of complaints from homeowners facing foreclosure in Southern California, has been arrested in connection with a $44 million loan modification fraud scheme.googleoff: allgoogleon: all
The arrest of Siringoringo, 34, of the Siringoringo Law Firm, and an alleged co-conspirator, Joshua Michael Cobb, 32, of Upland, was announced Thursday by the San Bernardino County District Attorney’s office.googleoff: allgoogleon: all
A criminal complaint filed in San Bernardino County Superior Court accuses the two of 24 felony counts of money laundering and 23 felony counts of grand theft for roles played to allegedly take large sums of money from victims who were seeking loan modifications.googleoff: allgoogleon: all
A third suspect in the felony case, Alfred O. Clausen, 41, of Rancho Cucamonga, was reported to be at large and is suspected of leaving the country, according to a news release by the prosecutor’s office.googleoff: allgoogleon: all
Siringoringo and Cobb, who each remain in custody on bond set at $17.8 million, and entered not guilty pleas to the charges, are scheduled for a court conference Friday.googleoff: allgoogleon: all
The Siringoringo Law Firm, based in Garden Grove, had branch offices in Rancho Cucamonga, Upland and Glendale, and advertised loan modification services extensively on English and Spanish-language radio and TV stations.googleoff: allgoogleon: all
Victims were promised their loan modifications would be handled by a licensed attorney, but the complaint alleges their cases were handed off to a non-attorney representative who falsified numbers and collected upfront fees for loan modification services.googleoff: allgoogleon: all
California lawmakers outlawed the acceptance of upfront fees or payments for loan modification work in October 2009. Fees cannot be collected until mortgages are modified, according to state law.googleoff: allgoogleon: all
The San Bernardino County prosecutor’s office declined to discuss the case, saying the investigation is ongoing.googleoff: allgoogleon: all
The California State Bar, however, has indicated that more than 796 complaints have been filed in this case.googleoff: allgoogleon: all
Siringoringo was ordered to stop practicing law on July 26, 2013, by the California State Bar Court.googleoff: allgoogleon: all
The State Bar Court said Siringoringo needed to be sanctioned because his law firm has worked with thousands of distressed homeowners. At the time, the State Bar Court asserted that 14 clients were told to pay $3,500 to $8,490 upfront for loan modification services.googleoff: allgoogleon: all
Five months later, San Bernardino County investigators served search warrants at five Siringoringo Law Firm and Clausen & Cobb Management company locations.googleoff: allgoogleon: all
In December 2013, the State Bar Court found Siringoringo culpable of collecting advance loan modification fees in 20 client matters. Siringoringo admitted to 14 cases, and agreed to provide clients refunds of $1,500 to $5,970, the state court said.googleoff: allgoogleon: all
However, the State Bar’s Office of Chief Trial Counsel disclosed at that time that the state had 796 additional complaints filed against Siringoringo for alleged misconduct.