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Charges Filed for Equity Stripping Scheme

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Industry Observer TN LIC# 290452

Charges Filed for Equity Stripping Scheme

 

Sadie Stanhope Ng, Quincy, Massachusetts, an alleged straw buyer, and Richard Winefield, Nasua, New Hampshire, a real estate agent, have been charged for their roles in an equity stripping scheme aimed at distressed homeowners in New Hampshire.

 

Winefield was charged on February 8, 2011, and Ng was charged on March 18, 2011. On March 1, 2011, Winefield pled guilty to the charges.

According to the charges, the defendants lured distressed homeowners with a promise that after signing their homes over to the defendants, the homeowners could rent the home and buy it back later.  After the defendants took legal title to the properties, they refinanced the houses with much larger loans, and misappropriated the equity for their personal use.  Thereafter, the defendants would flip the properties to straw buyers at inflated values.

Ng was a straw buyer on at least seven of the transactions.  

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Comments (2)

Paul Caloca
The Papas Group (DRE #01766524) - Scotts Valley, CA

I hope they both get many years in prison for taking advantage of people.

Apr 07, 2011 07:27 PM
Anonymous
TDiSessa

Is there any recourse for the homeowners?

 

Apr 19, 2011 09:26 AM
#2