The Palm Beach post today is reporting the Florida Attorney General has filed a 45 page suit against some familiar names to readers of this site. The defendants include Edward Cherry, August Belmont & Company, Lawrence Diodato, Fidelity land Trust, Shane Frankovic, Anthony Pintsopoulos, Click Media Consulting, Florida Home Rescue Mission, Esquire Litigation Support, Growth Capital Funding, Sunshine State Land Trust, Zion Partners Irrevocable Trust. – Source
“Tuesday’s complaint, which includes an asset freeze on all defendants and an injunction against continued operations, says the land trusts induce consumers to transfer title to their homes for no consideration and to pay the firms thousands of dollars in fees for services they can’t deliver.”
“According to the 45-page complaint, the defendants misrepresent to homeowners that an assignment of mortgage is not good or effectual and that the mortgage is not enforceable. At the same time the trusts allegedly tell homeowners they will replace their underwater mortgage with a new affordable mortgage that has a lower principal and lower monthly payments.”
You can read the Palm Beach Post story by Kimberly Miller, here.