Men Charged with Elder Abuse for Loan Modification Scam

In the San Fernando Valley, two men were arrested by law enforcement after they were caught operating a home loan modification scam in Southern California.  The scheme led to the men, 37 year old Joseph Nguyen and 27 year old Matthew Bourgo, obtaining over $30 million.  Both were former employees of ALG Capital Inc. and were arrested on Tuesday for conducting a "bait and switch scam".  Police also arrested 30 year old Sean McConville in Austin, Texas for his role in the illegal operation.

According to the state Attorney General's office, the trio was charged with 38 counts of grand theft, 19 counts of forgery, 1 count of conspiracy to commit grand theft and 3 counts of elder abuse. 

In October 2008, the Attorney General's office started to investigate the men after receiving 70 complaints against ALG Capital.  They say that ALG collected almost $1 million in undisclosed fees and locked homeowners into $30 million in loans with terms that they did not agree to.  Many of the victims included senior citizens.

If you have been a victim of financial elder abuse, now is the time to take action and discuss your legal options with a San Diego personal injury attorney.  Contact our law firm today!