Brentwood Man Arrested In Mortgage Fraud Scheme

By: - Fri, 28 Sep 2012 20:07:15 -0800

BRENTWOOD (AP)--A Northern California man is facing charges that he bilked more than 1,000 homeowners in a multi-state, multi-million dollar mortgage scam.

Authorities say 44-year-old Alan David Tikal was arrested at his home in the Contra Costa County city of Brentwood on Friday, the same day prosecutors filed a complaint in federal court against him.

Tikal is accused of operating a sham mortgage rescue company that offered homeowners cheaper mortgages and promised to cover their existing, more expensive home loan.

Prosecutors say he collected more than $3 million from the victims, most of whom lived in California. The homeowners were allegedly instructed not to pay their original mortgages and ignore correspondence from the lender. Prosecutors say many lost their homes to foreclosure.
 
(Copyright 2012, Associated Press, All rights reserved.)
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