Two O.C. men get prison terms for loan modification fraud scheme

SANTA ANA -- Two Orange County men were sentenced Thursday to more than four years in a Connecticut federal prison for their part in a loan modification scheme that bilked about 1,000 victims out of about $3 million.

Serj Geutssoyan, 34, of Santa Ana, was sentenced to 52 months and Daniel Shiau, 30, of Irvine, received a 58-month term, according to federal prosecutors.

The two defendants were part of an alleged scheme in California that targeted Connecticut residents, prosecutors said.

They were salesmen who would cold-call distressed homeowners and offer adjustments to the terms of their home loans.

The victims were charged about $2,500 to $4,300, but didn't receive any assistance with negotiating new terms for their mortgages, prosecutors said.

Repost from http://www.ocregister.com/articles/santa-727724-four-sentenced.html