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Milwaukee loan officer charged for 11 fraud counts

  • Associated Press
  • August 8, 2014 - 10:05 AM

MILWAUKEE — A former West Allis mortgage loan modification officer has been charged with 11 felony counts of fraud.

The Milwaukee Journal Sentinel reports (http://bit.ly/1ow0F4E ) the Wisconsin Department of Justice said Thursday that Stuart Nisenbaum Jr., of Freedom Financial Group promised lower interest rates to customers but didn't come through. It says he scammed clients into paying him $1,000-$1,500 in fees for lower rates.

The department says some of Nisenbaum's clients faced foreclosures and fines because he told them not to make payments on existing loans.

The 52-year-old from Milwaukee waived his right to a preliminary hearing during a court appearance Thursday. He faces fines of up to $10,000 and up to six years in prison for each of the 11 counts of fraudulent writing.

A message seeking comment was left with Nisenbaum's attorney Friday.

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