SACRAMENTO - Larry Allen Todt, 66, formerly of Malibu, was sentenced to over seven years in prison and ordered to pay over $3,000,000 in restitution for his role in a fraudulent mortgage elimination scheme, U.S. Attorney McGregor W. Scott announced. On December 6, 2017, Todt was convicted following trial on one count of conspiracy and one count of bank fraud.
According to court documents, between April 22, 2010, and November 18, 2011, Todt was a member of a conspiracy that ran a mortgage elimination program purporting to help distressed homeowners avoid foreclosure. The conspirators fraudulently altered the chain of title on residential properties, sold the properties, and received the sales proceeds.