Mortgage Rescue Scheme Ends in Guilty Plea

Aston S. Wood engaged in a mortgage rescue scheme between January 2014 and July 2019 in which he solicited homeowners in foreclosure, according to this press release.  He told them that he would get their mortgages refinanced or reinstated and they could keep their homes.  Wood, who operated ASC Financial LLC and Maywood Capital LLC, had his customers make their monthly mortgage payments directly to him but instead of forwarding the money to the lenders, Wood spent it on personal needs and travel.  When customers begin to lose their homes, Wood told many to file bankruptcy to halt further proceedings and not respond to any requests from the bankruptcy court. The delay only allowed Wood to postpone detection and continue to receive their monthly mortgage payments. 

Wood subsequently filed bankruptcy, and after an investigation, the trustee filed an adversary proceeding against Wood alleging that he took clients’ money without performing the services he promised to extract their properties from foreclosure.  That complaint formed by the basis of the federal prosecution against Wood and resulted in his being indicted in September on six counts of wire fraud and single counts of mail and bankruptcy fraud and criminal contempt.

In exchange for his guilty pleas to mail and bankruptcy fraud Monday, the government agreed to dismiss the wire fraud and criminal contempt charges at sentencing.  Sentencing is scheduled for March 17.