Mortgage Rescue Fraud Prompts FTC Action ~ Mar 3, 2008

The Federal Trade Commission (FTC) is cracking down on con artists running foreclosure rescue scams, putting some much needed heat on scammers taking advantage of financially troubled folks having trouble making their mortgage payments.

On February 28, according to ConsumerAffairs.com, the FTC charged six businesses and three individuals with violating the Home Ownership and Equity Protection Act (HOEPA) and the Truth-In-Lending Act (TILA) by tricking customers into taking out secondary mortgages on their homes with grossly inflated interest rates, and failing to disclose the true terms of the loans and rates.

The defendants in the FTC complaint are Safe Harbour Foundation of Florida, Inc., Silverstone Lending, LLC, Silverstone Financial, LLC, Southeast Advertising, Inc., Keystone Financial, LLC, MT25 LLC, Peter J. Porcelli II, Bonnie A. Harris, and Christopher Tomasulo. “The FTC will seek to bar the defendants from further violations, make them forfeit their ill-gotten gains, and stop collection and foreclosure actions or efforts to seize or transfer properties,” the agency said.

Note: Keystone Financial LLC is a Nevada Company tied to Mrs Juliette Kimoto whose husband Kyle Kimoto was just convicted for his role in a telemarketing scheme that defrauded over 300,000 for $43 Million Dollars. Kimoto is facing 175 years in Federal Prison. Mrs Juliette Kimoto was crowned Mrs Nevada for 2006.

MT25 LLC is also a Nevada Company which also may be tied to the Kimoto's. Waiting for verification on this company and its officers.