Man targets police officers in mortgage fraud scheme

by MPA13 Feb 2015
A New Jersey man was arrested for defrauding eight people in a mortgage fraud scheme that allegedly targeted Philadelphia police officers.

David Sheehan, 40, ran a mortgage loan modification scam, according to investigators. He promised his victims that he would cut their mortgages in half. Many of his victims have since come forward claiming they were victimized by Sheehan.

The money that his alleged victims gave to Sheehan was never given to lenders as promised. These victims are now in danger of losing their homes, said police.

Sheehan’s home in Gloucester City, New Jersey, was searched and police say they found over 200 files of potential victims, according to WPVI-TV Action News Philadelphia.  Many of the potential victims are Philadelphia police officers.

Two officers told the media outlet they were introduced to Sheehan by former officer Perry Betz who was arrested last year on charges of shaking down drug dealers. Many of the targeted officers have already been interviewed by the FBI, according to sources.

WPVI-TV Action News Philadelphia spoke with a retired police officer who said not just his home, but a friend’s home as well, is scheduled for sheriff’s sale next month.