Tuesday, June 14, 2016

Another One Has To Go To Jail ~ YES!!

This one was out of Westwood California! Yikes. That's a fairly affluent area so it surprises me that he was able to bamboozle so many. Online ads obviously brought people in.

David Singui, of Direct Money Source (yes they are still on the web), set up a scheme to take peoples homes and money.

He reached out to people in financial distress. Offered to pay their mortgages for a period of time until they got back on their feet. It was called the 'Fresh Start Program'. Well sorta. He hooked them up with supposed credit investors. They would buy their homes and hold them for a year, allowing the borrower to get their credit back in order.

Supposedly then, the credit investor would sell them back to the original people that owned the home with a lower interest rate attached.

Unfortunately, never look a gift horse in the mouth. What's too good to be true usually is.

This guy arranged for another entity to hang onto these peoples homes for more than 5 years, collected 'rents' from them and earned equity for the 'credit investors' who were just the good old straw buyers. But the straw buyers ended up in debt as well because the DMS company never paid the mortgage payments!!!

Sheesh......Go To Jail.....Go DIRECTLY To Jail!

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