Kamala Harris - For California Attorney General 2010

Former Broker Charged With Mortgage Fraud

By George Harris, KCBS
April 3, 2009

SAN FRANCISCO (KCBS)  -- The San Francisco district attorney's office announced Friday that it's pursuing its first prosecution since announcing a new crackdown on mortgage fraud.

John McTaggart,a 45-year-old former broker, is accused of bilking an 86-year-old San Francisco woman out of $140,000 through a reverse mortgage scam.

"We believe the evidence will show beyond a reasonable doubt that as it went forward, McTaggart took advantage of the trust that this elderly woman had in him," said District Attorney Kamala Harris.

ListenKCBS’ George Harris Reports

According to the DA, McTaggart was extradited from Tennessee and arraigned on several charges including residential burglary and grand theft from an elder.

"You walk into a senior's home with the intention of committing a crime, we will charge you with burglary in addition to fraud and elder abuse," said Harris.

If found guilty, McTaggart faces eight years in state prison, a $10,000 fine and an order to make full restitution.

Police Lt. Jones Wong, who is in charge of the fraud unit, urged victims to report the crime. Police are currently conducting community outreach, pasting fliers and sending bulletins to seniors and concentrating on areas targeted by scammers.

Source: KCBS

News

Most Recent

Press Releases