Santa Ana man sentenced to 52 months in prison for a $3M loan mod scam

Serj Geutssoyan, 34, of Santa Ana, was sentenced yesterday to 52 months in prison, according to the O.C. Register, for his part in ripping off about 1,000 victims out of about $3M in a loan modification scam.

Geutssoyan’s colleague, Daniel Shiau, 30, of Irvine, received a 58-month term.

Geutssoyan and Shiau were part of an alleged scheme in California that targeted residents of the State of Connecticut.

They made cold-calls to distressed homeowners and offered adjustments to the terms of their home loans. They charged their victims about $2,500 to $4,300, but the victims never received any assistance with negotiating new terms for their mortgages, according to the prosecutors.

Art Pedroza Editor
Our Editor, Art Pedroza, worked at the O.C. Register and the OC Weekly and studied journalism at CSUF and UCI. He has lived in Santa Ana for over 30 years and has served on several city and county commissions. When he is not writing or editing Pedroza specializes in risk control and occupational safety. He also teaches part time at Cerritos College and CSUF. Pedroza has an MBA from Keller University.
Art Pedroza

Our Editor, Art Pedroza, worked at the O.C. Register and the OC Weekly and studied journalism at CSUF and UCI. He has lived in Santa Ana for over 30 years and has served on several city and county commissions. When he is not writing or editing Pedroza specializes in risk control and occupational safety. He also teaches part time at Cerritos College and CSUF. Pedroza has an MBA from Keller University.

Recent Posts

Tilly’s Life Center raised over $500K to support youth programs, at their annual O.C. gala

Tilly’s Life Center’s (TLC) recently raised over half a million dollars to support their youth…

4 hours ago

A small plan crashed near the Fullerton Airport this afternoon

On November 25, 2024, at approximately 1:46 PM, Fullerton Fire and Police personnel responded to…

4 hours ago

Firefighters had to extricate victims from two car crashes in Garden Grove last Friday

OCFA fire crews responded to two significant vehicle accidents in Garden Grove last Friday, requiring…

9 hours ago

An SUV was totally wrecked after hitting two light poles and a tree in Newport Beach

On November 24th, 2024, at approximately 1:00 a.m. Newport Beach Fire Department units NE63, NT63,…

12 hours ago

The SAPD arrested a man suspected in an armed robbery at a gas station

‼️UPDATE‼️ Earlier today, our robbery detectives arrested November 20, 2024, #WantedWednesday suspect Izaya Cuellar (35)…

1 day ago

Driver arrested for destroying the lawn of a Costa Mesa park while doing donuts with his vehicle

Late Friday night, police officers responded to Balearic Park regarding a vehicle doing “donuts” on…

1 day ago

This website uses cookies.