Posted by John Schenk on 8/19/09 9:30am
Msg #300758
Another fraudster shut down...
Appears he was doing loan modifications, among other things.
Indianapolis man order to stop committing fraud as a loan broker
DateTuesday, August 18, 2009 at 2:05PM
In the following press release Indiana Attorney General Greg Zoeller announced that a man who has been promoting himself to Hoosiers as a licensed real estate broker and investor has been ordered by the state of Indiana to stop immediately. Majik Moore of Indianapolis has agreed to a preliminary injunction which bars him from operating as a real estate broker or a credit service counselor.
Additionally, Indiana Secretary of State Todd Rokita’s Securities Division today issued a cease-and-desist order against the Indianapolis resident after finding several instances of Moore operating as an unlicensed loan broker and selling an unregistered security without a license. Specifically, Moore is ordered to immediately cease and desist selling unregistered securities, selling securities as an unregistered broker-dealer, brokering loans as an unlicensed loan broker, and committing fraud in connection with the services of a loan broker.
The attorney general’s Homeowner Protection Unit (HPU) filed a lawsuit against Moore on July 23 in Marion County Superior Court. The lawsuit identifies at least 18 victims who each described paying Moore between $4,500 and $9,000 for real estate or investment related transactions. At least two of Moore’s victims have lost their homes to foreclosure as a result of the monetary losses or because Moore allegedly advised them not to make mortgage payments.
“The economy has created opportunities and pitfalls. We have many first time home buyers who are able to enter the real estate market while other families struggle to pay their mortgages on homes that were purchased before the housing bubble burst,” Zoeller said. “Unscrupulous people will prey on consumers unfamiliar with the real estate system and those in financial distress looking for help. It’s a unique situation to have these two distinct groups as victims, and through no fault of their own, they are caught in a web of deceit.”
“We want the public to know that this man, Majik Moore, is not a licensed mortgage broker in Indiana, nor is he licensed to sell securities in Indiana,” Rokita said. “The cease-and-desist order is the first step in the administrative process, but by no means our last step in seeking justice for the victims.”
The injunction Moore agreed to Thursday requires Moore to refrain indefinitely from performing any duties as a real estate broker in Indiana without the proper licensing. Moore also has agreed to stop offering credit services unless he complies with Indiana law. A $25,000 surety bond is required if an operator collects fees up front.
Also named in the attorney general’s lawsuit are three companies Moore operates including Got Cha Bak, Inc., Hyland Realty, Ltd., and Forestar Financial Services. The companies have no known employees and Moore is the sole principal. Got Cha Bak and Hyland Realty are also named on the Secretary of State’s cease-and-desist order and neither company is registered with the state’s Securities Division, as the law requires.
The Secretary of State’s Securities Division received allegations from six victims in the Indianapolis area who value their losses at nearly $25,000.
“We are pleased that Moore has agreed to refrain from his unlawful practices and from violating Indiana law. By agreeing to stopping his illegal actions, future Hoosiers will not suffer the same fate as the Hoosiers discussed in the State’s complaint,” said Gabrielle J. Owens, Section Chief of the Attorney General’s Professional Licensing and Homeowner Protection Unit.
To report a deceptive real estate transaction, credit services transaction or violation committed by a licensed professional in Indiana, submit a consumer complaint online at www.IndianaConsumer.com or contact the Consumer Protection Division at 317-232-6330 or toll free at 1-800-382-5516. For more information on how to avoid becoming a victim of investment fraud, visit www.IndianaInvestmentWatch.com.
http://www.mortgagefraud.org/journal/2009/8/18/indianapolis-man-order-to-stop-committing-fraud-as-a-loan-br.html
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