When it comes time to make a major purchase, it’s important to work with someone you can trust. Whether you’re looking for a home, buying a car, or seeking financial advice, you should expect honest, professional service.
At Greater Good Realty, that’s exactly what you’ll get. Our team is focused on providing exceptional service to all of our clients, regardless of the type of property you’re looking for. We’re happy to work with first time homebuyers, investors, and even those who are looking to rent. Feel free to give us a call at 619-GREATER (473-2837) or visit greatergoodrealty.com.
Sham loans in La Jolla:
Unfortunately, not everybody does honest business.
Last week, a La Jolla man was sentenced to five years in prison and ordered to pay $1.4 million in restitution for his part in a loan scam. Ian T. Kideys, 49, defrauded homeowners throughout the country with his sham loan company, K2 Capital Management Inc. After pleading guilty to one count of wire fraud in July, Kideys was sentenced in a U.S. District Court in Indiana, where several of his victims lived.
According to court records, K2 Capital Management Inc. based its offices in San Diego’s La Jolla neighborhood. During the financial crisis, the firm also operated under the names US Mortgage Bailout and iLoanAudit. The company’s website, which seemed to suggest that it was affiliated with the U.S. government, told users it had “an experienced legal team” on hand to help with loan modifications. The site even offered “refunds” in the “unlikely event that there is no favorable outcome to the loan modification request.” As you might expect, that was just another empty promise.
“US Mortgage Bailout obtained some mortgage relief for its customers through fraudulent representations to lenders, but otherwise simply collected money – thousands of dollars from each customer,” the U.S. Attorney’s Office said in a press release. “Each customer received a money-back guarantee; few got any money back.”
Sadly, defrauding customers wasn’t the only crime Kideys was found guilty of. Court reports show that Kideys “also defrauded creditors and the U.S. Trustee in his personal bankruptcy case by leading them to believe he had deposited $283,000 and concealing his receipt of $228,721.28.” For this crime, Kideys was sentenced to 5 years in prison – his sentence will run concurrently with time served in the other case.
In total, K2 Capital Management Inc. collected over $3.4 million in upfront fees. Kideys, who filed for bankruptcy last year, is expected to report to a California prison within the next couple of months.
When it comes time to buy a house, remember to choose somebody you can trust. At Greater Good Realty, we not only provide excellent service, we care about our customers.