Written by Daily News
A former Southern California mortgage broker was sentenced to six years in prison last Friday, for defrauding an 86-year-old San Francisco woman out of $140,000. The woman responded to a mailing in February of 2008 from a company in Orange County that was advertising reverse mortgages. She then began working with employee John McTaggert and agreed to obtain a legitimate Reverse Mortgage.
In short, Mctaggert got the woman to sign over $140,000 from the reverse mortgage, promising to invest it and instead, deposited the money into his own bank account, quit his job, and moved to Memphis, Tennessee. After his arrest in March of 2009, prosecutors were able to charge McTaggart with one count of first-degree burglary because the mortgage and annuity deals were negotiated in the woman’s home.
Although these cases are few and far between, (only several hundred out 400,00+), it is never something that the industry looks forward to hearing about. Furthermore, it is clear that the reverse community is in full support of proper sentencing and punishment for all individuals even considering defrauding the very seniors that our product is meant to be helping.
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