According to an FBI press release, Frederic Alan Gladle, 53, of Austin Texas, was sentenced by U.S. District Judge Lee Yeakel in the Western District of Texas to 61 months in prison and was ordered to forfeit $84,010 for his role in operating a foreclosure-rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently delaying foreclosure sales.
http://liarcatchers.com/identity_theft_investigation.html
This finalizes a case in which Gladle was originally charged on Dec. 9, 2011. He then pleaded guilty on Jan. 6, 2012, to one count of bankruptcy fraud and one count of aggravated identity theft. In addition to his $84,010 forfeiture fine, he is also ordered to forfeit 63 prepaid, reloadable debit cards that he used to further his scheme.
Gladle’s scheme was rather ingenuous, bold and reckless in which he reportedly engaged from 2007 until his arrest in 2011. He helped distressed property owners delay foreclosure by paying a monthly fee — usually about $750 a month, according to prosecutors and charging documents.
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When one of those whose homes were about to be foreclosed and they signed on with Gladle, one of his sales personnel would ask for a deed to a tiny portion of his property, normally about 1/100 of the property. The share was then transferred to some unrelated person who had filed for bankruptcy and who was completely unaware of this transfer.
The lender was then sent a copy of the small portion deed and a copy of the bankruptcy petition by the unrelated person. This would automatically place the foreclosure on hold since it is illegal to foreclose on any property which is involved in a bankruptcy filing.
The findings of the FBI investigation and court documents it was shown that Gladle and his associates had collected over $1.5 million in fees from their distressed clients, and had delayed the foreclosure process in over 1,100 properties.
Readers may find the USDOJ court records on this case at United States v. Frederic Alan Gladle.
