Grand Rapids man sentenced, will pay restitution in embezzlement scheme
Michigan Attorney General Bill Schuette announced Sept. 9 that Larry Limon, 53, of Grand Rapids, has been sentenced to one year in jail, 250 hours of community service and must pay $57,629.92 in restitution for running a bogus home mortgage modification firm. He is also required to pay fines and costs as well as over $900 in extradition costs.
Limon pleaded guilty on August 1, 2016 and was sentenced on Sept. 7 in Kent County Circuit Court before Judge George Buth to 1 felony count of Embezzlement, $20,000 Or More But Less Than $50,000, and three felony counts of Embezzlement, $1,000 Or More But Less Than $20,000.
“Time and time again, greedy individuals try and take advantage of people’s trust and they are continually caught,” said Schuette. “Illegal activities have consequences and if you break the law for your own gain you will faces the consequences.”
Case Background
Limon’s scheme involved soliciting several New Jersey residents in need of mortgage modification relief. He instructed his clients to make their mortgage payments directly to his company, Nations Trust Mitigation Service (NTMS), to be held in his trust, in place of making regular payments to their lender. In turn, Limon used entrusted money to hire an out-of-state company called American Loss Mitigation Consortium (ALMS) to negotiate mortgage modifications. Soon afterwards, and without explanation or disclosure to his customers, Limon unilaterally requested full refunds of their entrusted money from ALMS. Limon then cashed and deposited ALMS’ refund checks into his NTMS account.
None of it was refunded to his customers. Limon continued to collect mortgage payments from his clients as well, even though any effort by NTMS at securing mortgage modifications for his customers ceased. In total, Limon received over $50,000 from clients. Limon did no mortgage modification work on behalf of his customers. Furthermore, he did not pay lenders any of their mortgage payments he was entrusted with. His company NTMS ceased its affairs on or about August 2010. Limon left no forwarding contact information to his defrauded customers.
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