Friday, Oct. 2, 2009 | 4:34 p.m.
Two Las Vegas residents were indicted today for allegedly operating a foreclosure rescue scam in Las Vegas, Nevada Attorney General Catherine Cortez Masto said.
Jack Ferm and Mario Saunders allegedly operated the foreclosure scheme from September 2008 through September 2009 under the business name US Justice Foundation.
The indictment alleges that Ferm and Saunders operated US Justice Foundation, described as a document preparation business that charged $2,500 and misled customers into thinking that the service would stop foreclosures on their homes or help them obtain loan modifications, Masto said.
"These types of crimes target vulnerable people who are already struggling financially and are looking for hope," Masto said in a statement.
Ferm was indicted on one felony theft count for obtaining money in excess of $2,500 by misrepresentation from a person 60 years of age or older; five felony counts of theft; and one felony count of theft of money in excess of $250 by misrepresentation from a person 60 years or older; and three felony counts of theft obtaining money in excess of $250 by misrepresentation.
An indictment against Saunders included four felony counts of theft in excess of $2,500 and one felony count of theft of $250 or more by misrepresentation.
The case was investigated and is being prosecuted by the Attorney General's Mortgage Fraud Task Force and Bureau of Consumer Protection after the office received several complaints about misrepresentations made by Ferm and Saunders.
In most cases, Ferm and Saunders required the victims to pay a monthly charge of $150 for litigation costs in addition to the original $2,500 retainer, despite the fact that neither Ferm nor Saunders were licensed attorneys in Nevada, authorities said.
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