California bankruptcy-foreclosure scam

The U.S. Attorney is prosecuting three southern Californians, who ran a scam that ripped off homeowners trying to forestall foreclosure by transferring fractions of homes to fictional people and then filing fraudulent bankruptcies on behalf of those non-persons, the L.A. Times reports. In his plea agreement, Irving Cohen, 74, admitted transferring one-eighth ownership of one home to a bogus name, Marcus Lamont Collins, and then filing a bankruptcy petition under that name. He then used the bankruptcy filing to force Texas-based lender Ndex West to halt a planned foreclosure sale of the property for several months, Cohen acknowledged in the plea agreement.

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