Attorney’s Office, Singui, 52, pled guilty to conspiracy, loan fraud, aggravated identity theft and tax evasion charges stemming from a scheme that caused struggling homeowners to lose more than $4 million and cost lending institutions more than $11 million.
Attorney’s Office for the Central District of California said this week.Īccording to the U.S. The former owner and chief executive officer of a California mortgage brokerage will spend nearly the next eight years in federal prison after pleading guilty to charges that he falsely promised to help distressed homeowners avoid foreclosure.īut instead of actually helping the struggling homeowners keep their homes, David Singui, and his company, Direct Money Source, stole the equity in the homes and served as the homeowners’ impostor landlord for a period of years, the U.S.
