California Man Pleads Guilty In Foreclosure Rescue Scheme

A California man has pleaded guilty to wire fraud in connection with a foreclosure rescue scam that took at least $5 million from distressed homeowners. Sergio Lorenzo Rodriguez admitted to one count of wire fraud, according to the Department of Justice. This offense carries a maximum sentence of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the offense.  Rodriguez and an unnamed person owned and/or managed a series of mortgage modification companies, through which they used deceptive marketing practices to defraud homeowners facing foreclosure. They executed this scheme between mid-2015 and August 2020. Through tactics such as falsely claiming homeowners had been pre-approved by their lender for a modification and…