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Original Message
"ALG Capital and mortgage fraud"
Posted by Llevram on Mar-08-08 at 07:17 PM
LAST EDITED ON Mar-12-08 AT 08:08 AM (Pacific)

I was nearly a victim of mortgage fraud and many others who have reportedly used ALG Capital for refinancing, have fell prey to mortgage fraud.

I was presented phony loan documents, which appeared too good to be true ... and they were. I had been promised a 5.2% fixed rate 30-year loan. This was while I was in between jobs late last year, so was done with no income verification. Great rate huh?

Well, the documents that we were presented with were actually for a 3.5% 30-year fixed rate loan. How often does that happen? You are promised a great loan, but when it show up, the interest rate is almost 2% lower than promised? Not to mention that our copies of the loan, that the notary left, were missing the not and truth in lending statements ... all the more suspicious.

Anyhow, I called the lender the next day and found out that the loan documents we signed were in no way accurate. The actual loan was for 6.5% (as well as money being pulled out of equity that we did not request). I immediately rescinded the loan ... others were not as lucky. I also contacted the FBI to report this as mortgage fraud.

Since then, I have also reported this incident to the Department of Corporations and the Department of Real Estate. I have also been in contact with the lawyers of two of ALG Capital's victims. Each law firm asked if I would give a deposition and I told them I would be glad to.

I learned of the other victims via the internet, first on Yahoo answers board, then on ripoffreport.com. Their stories are basically the same ... promised a loan, signed documents, but when the loan funded, it turned out to be nothing like what they signed (higher interest rate, broker getting tens of thousands for their "fee", loan documents missing from the copies left by the notary).

I thought it would be a good idea to consolidate the information from those sources here.

From yahoo answers, this was the first instance I found, when I looked back in late December of last year:

http://answers.yahoo.com/question/index;_ylt=Av1hhiMAIr7KPCiSXIUEfoHsy6IX;_ylv=3?qid=20071215223642AAlz5mz&show=7#profile-info-EG6REatnaa

There were 2 or 3 people that either responded to my post (on yahoo answers) or posted their own similar story. One of them contacted me giving me their lawyers information:
Jack Gordon of Driskell and Gordon (626) 914-7809

This was posted on yahoo, but was deleted or removed (thanks to google for the cached version):
LzzqzARekEJ:answers.yahoo.com/question/index%3Fqid%3D20080207155201AAsxaVR+%22alg+capital%22+-mia+fraud&hl=en&ct=clnk&cd=7&gl=us" target="_blank">http://209.85.173.104/search?q=cacheLzzqzARekEJ:answers.yahoo.com/question/index%3Fqid%3D20080207155201AAsxaVR+%22alg+capital%22+-mia+fraud&hl=en&ct=clnk&cd=7&gl=us

Here are the entries (to date) on ripoffreport.com:

Chuck from Temecula (represented by Ed Stark of Cron, Israels & Stark at 1 310 393-7300): http://www.ripoffreport.com/reports/0/314/ripoff0314383.htm

Bob from Los Angeles:
http://w3.ripoffreport.com/reports/0/309/RipOff0309262.htm

Tara from La Mesa:
http://w3.ripoffreport.com/reports/0/313/RipOff0313700.htm

"Marijuana" from California (probably not his real name):
http://w3.ripoffreport.com/reports/0/314/RipOff0314111.htm

An update from this person:
http://w3.ripoffreport.com/reports/0/316/RipOff0316448.htm

"Speeedy" from Santa Montica:
http://w3.ripoffreport.com/reports/0/307/RipOff0307467.htm

I also submitted my report to this web site, and it was there for a day or two, but was apparently removed because I was not actually a victim? That is my best guess.

So, if you find you are a victim as well, I would contact all of the following:

FBI:
4500 Orange Grove Sacramento, CA 95841
(916) 481-9110

Dept. Of Corporations: http://www.corp.ca.gov/about/complaint.asp

Dept. Real Estate: http://www.dre.cahwnet.gov/gen_contact.html

Ed Stark of Cron, Israels & Stark: (310) 393-7300
Jack Gordon of Driskell and Gordon (626) 914-7809

Table of contents
Messages in this discussion
"ALG Capital and mortgage fraud "
Posted by Llevram on Mar-20-08 at 06:53 AM
LAST EDITED ON Mar-21-08 AT 04:45 PM (Pacific)

And here is the latest victim:

(Terezza) http://www.complaintsboard.com/complaints/alg-capital-mortgage-c54790.html

Looks like the same person's post (as Robyn from Hemet, CA) on ripoffreport.com:

http://ripoffreport.com/reports/0/319/RipOff0319535.htm

"Here is the latest posted on ripoffreport.com"
Posted by Llevram on Mar-31-08 at 06:12 PM
Mari from California:
http://www.ripoffreport.com/reports/0/322/ripoff0322372.htm

Ron from Fontana, Ca:
http://www.ripoffreport.com/reports/0/321/RipOff0321441.htm

More info from Mari, regarding the owner of ALG Capital: Crystal Palomino:
http://www.ripoffreport.com/reports/0/322/RipOff0322073.htm

Canario from WINNETKA:
http://www.ripoffreport.com/reports/0/322/RipOff0322221.htm

"Yet another victim"
Posted by Llevram on Apr-06-08 at 06:47 AM
"Stopcon" from Bakersfield:

http://www.ripoffreport.com/reports/0/322/RipOff0322625.htm

Tools for Wizardry(r) 7

"Yet another case"
Posted by Llevram on Apr-09-08 at 07:33 AM
"Flirtn with disaster" - Big Bear City, California:
http://www.ripoffreport.com/reports/0/323/RipOff0323278.htm

Tools for Wizardry(r) 7

"ALG Capital and mortgage fraud - another victim"
Posted by Llevram on Apr-10-08 at 05:26 PM
Darren from Bakersfield:

http://www.ripoffreport.com/reports/0/325/ripoff0325163.htm

"RE: ALG Capital and mortgage fraud - other contacts"
Posted by Llevram on Apr-10-08 at 05:30 PM
Here is another entity you should contact, if you find you are a victim of this company:

County of Los Angeles
Department of Consumer Affairs
Real Estate Fraud Unit
500 W. Temple St., Suite B-96
Los Angeles, CA 90012

Contact: Clemente Mejia at 213-974-2635

"RE: ALG Capital and mortgage fraud - some advice from an insider"
Posted by Llevram on Apr-10-08 at 05:34 PM
From "some one who works in the mortgage industry", advice on renegotiating your fraudulent loan:

http://www.ripoffreport.com/reports/0/324/RipOff0324970.htm

"ALG Capital and mortgage fraud - looks like they have folded up shop"
Posted by Llevram on Apr-28-08 at 06:46 AM
According to this document from the Department of Corporations, dated 4/16/08, ALG is filing for bankruptcy and has vacated their business location.

http://www.corp.ca.gov/ENF/pdf/a/algcap.pdf

"ALG Capital and mortgage fraud - off craigslist"
Posted by Llevram on Apr-30-08 at 06:41 AM
LAST EDITED ON May-06-08 AT 05:27 PM (Pacific)

Another victim, this one from Petaluma:

http://sfbay.craigslist.org/nby/rnr/657348831.html

And one more from the north bay ...
http://sfbay.craigslist.org/nby/rnr/669382379.html

"ALG Capital and mortgage fraud - a court case finally"
Posted by Llevram on Jun-21-08 at 09:29 AM
http://dockets.justia.com/docket/court-cacdce/case_no-5:2008cv00779/case_id-417868/
"RE: ALG Capital and mortgage fraud - another court case"
Posted by Llevram on Jul-16-08 at 08:50 PM
From San Bernadino County Court
casenumber = RS801686
http://170.164.31.10/openaccess/civil/civildetails.asp?casenumber=RS801686&courtcode=X&dsn=&casetype=CIV
"ALG Capital - 3 arrested"
Posted by Llevram on Sep-21-09 at 10:45 AM
Nice to see some of these guys finally behind bars, on $2 Million bail.

http://ag.ca.gov/newsalerts/release.php?id=1803

Tools for Wizardry(r) 7

"RE: ALG Capital - 1 convicted"
Posted by Llevram on Mar-15-10 at 05:25 PM
Nice to start bringing some closure to this. I got called to testify back in the end of Februrary, in the case against Garrett Holdridge, who was our broker.

I received a call today from the Attorney General's office: he was found guilty on 7 of 10 counts.

Tools for Wizardry(r) 7

"RE: ALG Capital - 3 more arrests"
Posted by Llevram on Jun-11-10 at 10:02 AM
http://www.consumeraffairs.com/news04/2010/06/ca_home_refinance_scam.html

Tools for Wizardry(r) 7