Articles

Coto De Caza man gets 8 years for $2 million home loan scam that targeted more than 500 people

 (Source: ocregister.com) SANTA ANA — A Coto De Caza man who in YouTube videos promised to help homeowners save their homes from foreclosure was sentenced Friday to eight years in prison after bilking more than 500 people out of $2.2 million.

Kevin Frank Rasher, who earlier this year pleaded guilty to a dozen counts of mail fraud, was sentenced to 97 months behind bars and ordered to pay about $2.24 million in restitution for the money he stole in a loan modification scam.

But U.S. District Judge Josephine L. Staton cautioned those who lost their money and homes to the scam should not hold out hope of reimbursement.

“You should assume, unfortunately, that all your money was spent by Mr. Rasher,” Staton told a group of five victims who attended Friday’s hearing. “You should not expect, unfortunately, to receive back that which was stolen from you.”...