Coto de Caza man pleads guilty to loan mod scheme with 500 victims

A Coto de Caza man pleaded guilty Friday in a loan modification scheme that took $2.2 million from more than 500 people after promising them he could help them avoid losing their homes to foreclosure, the U.S. Attorney’s Office said.

Kevin Frank Rasher, 45, pleaded guilty to 12 counts of mail fraud.

Rasher, in custody since his arrest at his Coto de Caza home last May, is scheduled to be sentenced on Sept. 29.

He faces a maximum term of 240 years in prison.

Kevin Frank Rasher

Rasher had gone on YouTube to lure his victims, saying he could help people in danger of losing their homes.

“If you’re in need of foreclosure proceedings to be stopped, payments to be more affordable, and interest-rate reductions to be done, I’m your man,” he said.

In the plea agreement, Rasher admitted that he fraudulently obtained about $2.24 million from more than 500 victims.

Between 2011 and March 2016, Rasher said in his plea agreement, he lied to distressed homeowners, telling them he worked for the Department of Housing and Urban Development or an attorney, and that they were approved for a reduced mortgage payment or interest rate.

See also: Real estate fraud charges: Did you hear the one about the fake agent?

Rasher told them to mail their mortgage payments to one of his businesses, saying he would forward the money to the homeowners’ lenders. Instead, Rasher put the money into his own bank accounts and used it for personal expenses.

In addition to the FBI, agencies investigating the case included the U.S. Department of Housing…

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