The complaint alleges 23 felony counts of Grand Theft of Personal Property and taking upfront fees for loan modifications in addition to 24 counts of Money Laundering.
On Thursday, investigators from the Real Estate Fraud Prosecution Unit of the San Bernardino District Attorney’s Office arrested Stephen Lyster Siringoringo, 34, of Westminster, and 32-year-old Joshua Michael Cobb. Both suspects allegedly took large sums of money from victims who were seeking loan modifications. A third suspect, Alfred Orn Clausen, 41, of Rancho Cucamonga, is still at large and is suspected of leaving the country.
According to District Attorney investigators, the name of the alleged criminal entity was identified as the Siringoringo Law Firm, which had zealously advertised on local radio and television. The law firm advertised extensively in Spanish language media.
Siringoringo and Cobb are scheduled for a Pre-Preliminary Conference March 13, 2015. If convicted as charged, the defendants face in excess of thirty years in state prison. Bail is currently set at $17,837,000 each for Siringoringo and Cobb.