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Press Release
Arrests Made in North Rockland Home Foreclosure Scam

June 21, 2010

Rockland County District Attorney Thomas P. Zugibe and New York State Banking Department Superintendent Richard H. Neiman today announced the arrest of two men for swindling a distressed Tomkins Cove homeowner on the verge of foreclosure.

Edward DeFrancesco, Sr. (DOB 04/07/51) of 19 Jordan Drive, Highland Lakes, New Jersey is charged with one count of Grand Larceny in the Second Degree, a class “C” Felony.

Glenn Allyn (DOB 10/01/57) of 14 Crescent Drive, Elmsford, New York is charged with one count of Grand Larceny in the Third Degree, a class “D” Felony.

DeFrancesco was involved with a company that helped Rockland homeowners avoid foreclosure. Instead of helping a Tomkins Cove resident save their home, the defendant purchased the distressed house from the victim and fraudulently applied for a mortgage by misrepresenting the actual purchase price of the residence by over $160,000. By misrepresenting the true sale price of the house, DeFrancesco was able to obtain a loan for more money from the bank than he should have been able to.

Allyn was an attorney involved with a company that helped Rockland homeowners avoid foreclosure. At the real estate closing of the victim, Allyn, who was supposed to be representing the bank, stole a $5,000 check that he was not entitled to, and that should have gone to the seller of the home. The defendant has since been disbarred for unrelated matters.

District Attorney Zugibe said, “This Office will not allow vulnerable homeowners to become easy prey for financial opportunists and scam artists. By prosecuting these predators and educating the public, we are holding offenders accountable and empowering residents.”

Superintendent of Banks Neiman said, “This case exemplifies one of the worst types of mortgage fraud: under the guise of helping a distressed homeowner avoid foreclosure, these defendants took advantage of him for their own financial gain. The Banking Department is actively addressing these types of mortgage fraud on multiple fronts – by seeking legislative reform, engaging in aggressive regulatory scrutiny and seeking criminal prosecutions. The Department, through its Criminal Investigations Bureau, is committed to assisting local law enforcement agencies pursue those individuals that seek to take advantage of people in economic peril.”

Said Zugibe, “Mortgage fraud destroys families, devastates our communities and undermines our financial institutions. We will make certain that at-risk homeowners desperate for relief from their financial situation are not targeted in these difficult times. My Office, in partnership with the Banking Department, will use every tool available to investigate, prosecute and prevent such criminal activity.”

The arrests of both defendants today resulted from an investigation conducted by the Rockland County Special Investigations Unit and the New York State Banking Department's Criminal Investigations Bureau."

DeFrancesco was arraigned in the Town of Stony Point Justice Court today by the Honorable Frank Phillips. Bail was set at $15,000 cash or bond. He is due to return to court on June 28, 2010. If convicted, he faces 15 years in state prison.

Allyn was arraigned today in the Town of Stony Point Justice Court by the Honorable Frank Phillips. He was released on $5,000 cash bail and is due to return to court on July 1, 2010. In addition, he was ordered to surrender his pistol and permit. If convicted, Allyn faces seven years in state prison.

Both defendants are prohibited from working in the mortgage industry.

 

Contact: Xiomara Lopez (845) 638-5013