Founder of St. Louis Loan Company Sentenced For Fraud
ST. LOUIS (KMOX) - The former owner of mortgage loan modification and audit company Home Safe Financial has been sentenced to 15 months in prison on fraud charges.
Prosecutors alleged Derek Doherty, 31, took advance fees for loan audits which he didn’t perform.
Home Safe Financial was founded in St. Louis in 2010 but later moved to Overland Park, Kansas before Doherty merged the company with California-based Financial Hope for America later in 2010.
According to prosecutors, Doherty billed clients $3,000 for loan audits but never completed them or even purchased the software needed to complete them.
In addition to the 15-month prison sentence, Doherty was also ordered to pay $98,835 in restitution.