January 10th, 2012
Posted in 
SOUTHERN CALIFORNIA – A foreclosure scam artist in California has plead guilty to misleading homeowners into thinking he could postpone the seizure of their properties for six months.
Frederic Alan Gladle has plead guilty today after running a foreclosure scam in which he took clients’ dollars, promising he could delay the foreclosure process.
The scam ran from October 2007 through October 2011. Gladle used as many as five fake names to run his scam, tricking clients into believing he could legitimately postpone foreclosure proceedings if they signed over 1/100 of the property deed over to a separate individual who was undergoing bankruptcy proceedings.
Neither the bankrupt individual nor the customers knew what was going on. When an individual is in bankruptcy, foreclosure proceedings are automatically halted. This was how Gladle was stopping the proceedings for his clients.
Gladle made almost $1.6 million from his clients over four years. His team of scammers would charge the homeowners around $750 per month to postpone the foreclosures.
“Mr. Gladle defrauded victims trying to save their homes, further exploited those in debt by stealing their identities, and wreaked havoc on both banks and the Bankruptcy Courts by manipulating the system. This is the latest example of heartless criminal activity by an individual who sought to capitalize on the misfortune of those affected by hard economic times,” said Steven Martinez, Assistant Director in Charge of the FBI’s Los Angeles Field Office.
Gladle is being charged with one count of bankruptcy fraud and one count of aggravated identity theft. He is facing up to seven years in federal prison.
If you have received a foreclosure notice or are behind on your mortgage, you can still stop foreclosure the legal way. Speak to a top foreclosure attorney right away to prevent your home from being repossessed. Foreclosure attorneys analyze your financial situation and determine a plan of action to present to your lenders in lieu of foreclosure, such as mortgage modification or refinancing.
Call today to speak with an acclaimed team of foreclosure attorneys to fight for your rights as a homeowner.
Tags: Assistant Director, Bankruptcy Courts, Bankruptcy Fraud, Bankruptcy Proceedings, California Foreclosure, Economic Times, Fake Names, Federal Prison, Financial Situation, Foreclosure Attorney, Foreclosure California, Foreclosure Proceedings, Foreclosure Process, Havoc, Misfortune, Property Deed, Ringleader, Scam Artist, Scammers, Seizure
Hang this blood sucker!