FOR IMMEDIATE RELEASE
Case # 16CF1377
Date: October 13, 2017
MAN SENTENCED TO 12 YEARS IN PRISON FOR MONEY LAUNDERING AND DEFRAUDING $2 MILLION FROM OVER 400 TROUBLED HOMEOWNERS THROUGH ILLEGAL LOAN MODIFICATION SCHEME ADVERTISED ON YOUTUBE
SANTA ANA, Calif. – A man was sentenced to 12 years in state prison today for money laundering and defrauding over $2.2 million from over 400 troubled homeowners through an illegal loan modification scheme advertised on YouTube.
|Kevin Frank Rasher, 46, Coto de Caza
|Pleaded guilty today to the following felony counts:
||12 years in state prison|
Circumstances of the Case
- Between June 13, 2011, and April 29, 2016, Rasher falsely represented himself as an official government Housing and Urban Development (HUD) attorney, even though he was never a member of the State Bar of California nor did he work for HUD.
- The defendant advertised services of being able to assist distressed homeowners under different aliases including Kevin Carter and Kevin Fox.
- Rasher told his clients that they have been qualified for trial loan modifications and instructed them to send payments to his company called HUD-Make Homes Affordable.
- Rasher sent emails to his victims directing them to deduct taxes, resulting in the victims filing false tax returns.
- At least three victims in this case lost their homes.
- One of the victims reported the crime to the Orange County District Attorney’s Office (OCDA) Bureau of Investigation.
- The defendant took illegal advance fees from his clients, only some of whom ultimately got loan modifications, and spent the money intended for loan payments for personal use, including renting a home in Coto de Caza for approximately $10,200 a month, and spending over $20,000 a month on personal living expenses.
- Between July 2, 2012, and April 29, 2016, the defendant laundered money through two financial institutions.
- Rasher was arrested at his home in Coto de Caza on May 26, 2016.
To watch the video of the arrest, please visit the following link: https://youtu.be/WzaRxB82xkw
The defendant also published a video on YouTube advertising his services which can be viewed in this link: https://www.youtube.com/watch?v=AkqMu40S2xI.
OCDA investigated this case with assistance from the U.S. Federal Housing Finance Agency – Office of the Inspector General and U.S. Department of Housing and Urban Agency – Office of the Inspector General.
Prosecutor: Deputy District Attorney George McFetridge, Major Fraud Unit.