A real estate broker has been charged with stealing more than $165,000 through a larceny scheme targeting homeowners in Lynn and Lowell facing foreclosure, according to Attorney General Maura Healey.
Kevin Taing, 49, of Lowell, was arraigned on Tuesday in Middlesex Superior Court and Essex Superior Court on larceny charges.
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Taing pleaded not guilty to the charges.
Healey’s office began an investigation in 2014 following a referral from a legal services agency. Taing is a licensed real estate broker and principal of Eastern Funding & Investment Inc. (EFI).
Taing, who is of Cambodian descent and speaks Khmer, allegedly persuaded three separate homeowners of Cambodian descent, who were facing foreclosure, to make payments to EFI rather than the actual holder of their mortgage loans.
Taing allegedly led these families to believe that by paying EFI they would reduce their monthly payments, stay in their homes or otherwise resolve their mortgage issues.
While Taing sent these homeowners mortgage statements, authorities allege that he never forwarded any of the payments to the holders of the mortgage loans. Taing allegedly converted the money paid to EFI to his personal use, using the funds to pay for personal expenses, credit card bills, restaurant and retail expenses, and property in California.
“Vulnerable homeowners facing foreclosure and looking for help were allegedly exploited by this broker who stole tens of thousands of dollars from each to pay for personal expenses and a beach house in California,” Healey said in a statement. “Our office unfortunately sees new scams emerge that take advantage of consumers in their most desperate moments, and we will continue to go after those who take advantage of others for their own financial gain.”
