The Little Compton woman had gone to the loan company seeking help to avoid foreclosure on a $15,548 loan.
But by the time two men at Omega Mortgage of Sudbury, Mass., were done with her, they had taken the deed to her $380,000 Shore Road house and racked up loans of $97,185 on the property.
So say Rhode Island State Police who this week arrested John J. Jeannetti, 52, of 18 Elkway, Norwood, Mass., and Glen Conlon, 35, of 15 Milton Lane, Foxborough, Mass. Mr. Jeannetti is charged with obtaining property worth over $1,500 under false pretenses and conspiracy; Mr. Conlon (not an employee of the loan company) is charged with obtaining property over $1,500 under false pretenses, conspiracy, and providing a false document to obtain a loan.
State Police Major Todd E. Catlow said that, after working her way through bankruptcy court, the now-56-year-old woman eventually regained title to the house and was cleared of responsibility for the loans taken out by the two men.
The investigation by the Major Crimes Unit began, he said, when the woman complained to State Police about what had happened after she contacted Omega Mortgage back in 2008 “looking for assistance in obtaining a loan to stop a pending foreclosure.”
She first encountered Mr. Jeannetti who “gained the victim’s trust and convinced her that there was only way she could save her home from foreclosure was to transfer the deed on the property to Conlon,” Major Catlow said. At that time, her house was valued at approximately $380,000, and Mr. Conlon told her she didn’t qualify for a conventional loan.
She could continue to live in the house, Mr. Jeannetti told her, if she would “pay rent to Conlon until she repaired her credit rating,” Major Catlow said. Once her credit rating had improved, she was told she could then obtain a loan to repay Mr. Conlon.
“After the deed was transferred to Conlon, he and Jeannetti refinanced the property three times without the victim’s knowledge and received $97,185 from the loans,” the officer said.
On Wednesday, Jan. 15, members of the Massachusetts State Police Fugitive Apprehension Section and the Rhode Island State Police Financial Crimes Unit arrested Mr. Jeannetti and Mr. Conlon at their residences in Massachusetts as fugitives from the State of Rhode Island. Mr. Jeannetti waived extradition in Dedham District Court. Mr. Conlon waived extradition in Wrentham District Court.
Both were arraigned in Second Division District Court in Newport before Associate Judge Colleen M. Hastings who set bail at $5,000 personal recognizance. They are scheduled to appear in Second Division District Court on February 27 for a pre-trial conference.