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At a time when U.S. foreclosures have just hit another record high, is there any person more loathsome than a mortgage scamster? Ask yourself that question after pondering the story of Kedrick McDuffie, the subject of a nine-count indictment just returned by a Denver grand jury. He's charged with obtaining the mortgages from financially desperate homeowners, then secretly selling them in order to pocket some quick cash. Meanwhile, the "purchasers" stopped paying on the properties, forcing them into foreclosure. And the economy lived unhappily ever after.
Oh yeah: McDuffie was indicted in absentia because he's still on the loose. Read about why you might want to squeal on him if you see him on the street in the Denver District Attorney's Office release below.
MAN CHARGED IN BROKERAGE SCAM
A Denver Grand Jury has returned a 9-count indictment against a mortgage broker accused of scamming thousands of dollars from borrowers, investors and financial institutions.
Kedrick McDuffie (dob: 02-01-78) is charged with violating the Colorado Organized Crime Control Act (F2), one count of theft of an at-risk victim (F3), one count of theft (F3), three counts of forgery (F5), and three counts of offering a false instrument for recording in the first degree (F5).
The indictment alleges that McDuffie, owner of Superior Mortgage Co., LLC, promised desperate homeowners that he could save their homes from foreclosure by having their original loans refinanced or taken over by another person. The charges further allege that McDuffie sold the borrowers' homes without their knowledge and by deception to private investors. As alleged, after each transaction McDuffie and/or Superior received loan proceeds from the sale, including brokerage fees. Ultimately, McDuffie, Superior and the investors stopped making payments on the loans and the properties went into foreclosure, with the borrowers losing their homes and money, and the investors' credit being ruined.
An arrest warrant has been issued for McDuffie, who is currently at large. His bond is set at $100,000.00.