Nicholas Torgerson Sued in Florida After Following Fidelity Land Trust and Others

According to information sent in by a tipster (send in your tips here) another domino has fallen in the efforts to stop the ridiculous land trust efforts being sold in Florida to protect homes from foreclosure.

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On July 22, 2013 I wrote this article about how players in the Fidelity Land Trust scam had allegedly sucked in a willing participant, Nicholas Torgerson.

It seems the Florida Attorney General office isn’t playing around when dealing with the land trust scheme.

Attorney General Pam Bondi’s office has sued a company that allegedly preyed on distressed homeowners by defrauding them out of thousands of dollars in a mortgage relief scam. According to the complaint, Whitestone Capital Trust, LLC, Become the Bank, LLC, and Nicholas Torgerson violated Florida’s consumer protection laws by charging homeowners up-front fees and falsely misrepresenting that the defendants would cancel or void the homeowners’ mortgage.

The complaint alleges that the company charged thousands of dollars in advanced fees and misled distressed property owners by claiming that the company would work with them to help them regain the equity in their homes by permanently cancelling or voiding their mortgages. However, the company allegedly acquired titles to the distressed owners’ homes and pocketed the advance fees without providing the promised relief. The homeowners continued to remain liable for payments on the mortgage and note they believed to have been voided.

Torgerson is said to be a resident of Parkland, Florida and he was named in the previous article as assisting Paul Gallenbeck and others to try to continue the Fidelity Land Trust business after they had been shutdown by court order.

You can read the full complaint filed, here.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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