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Attorney Sentenced in Multi-Million-Dollar Loan Modification Scam

by admin on 3rd-March-2017

San Bernardino, CA

Attorney Stephen Lyster Siringoringo, pled “no contest” last week to three counts of grand theft and money laundering. He also faces one count of aggravated white collar enhancement for stealing more than $100,000.00 by fraud or deceit. 

The Federal Consumer Financial Protection Bureau ordered Siringoringo to pay $108,000 in restitution to victims he exploited in San Bernardino County. It also ordered him to pay victims outside San Bernardino County where the greatest number of victims were impacted, a total of $20,825,000. He will also serve time in prison. 

Siringoringo was also disbarred by the California State Bar because of hundreds of complaints. His disbarment occurred prior to the involvement of the San Bernardino’s District Attorney’s office. 

Siringoringo and alleged co-conspirators Alfred Orn Clausen and Joshua Cobb purportedly collected millions of dollars in fees from hundreds of customers after they promised to modify their home loans to reduce payments and/or avoid foreclosure—none of their customers ever received the promised assistance. Siringoringo advertised the service and was broadly trusted by consumers because he was an attorney. 

Cobb pled guilty to similar charges last year. He was also ordered to pay restitution and is now serving a five-year sentence. Clausen remains still at large. Although authorities believe Clausen fled to Iceland, they encourage anyone with information regarding this suspect and/or his whereabouts are encouraged to call Senior investigator John Vega at (909) 382-7750 or email realestate@sbcda.org.

Category: In The News.
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