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Mortgage Fraud Fugitive Caught

 
Mortgage Fraud Fugitive Caught

LAS VEGAS (AP) — A Southern California fugitive who admitted defrauding homeowners out of millions through mortgage and investment schemes has been arrested in Las Vegas.

The FBI's Los Angeles office said in a statement Tuesday that 30-year-old David Kaup, who disappeared after failing to appear at his December sentencing last year, was arrested at a Las Vegas home where he'd been living.

Kaup, of San Gabriel, operated several Los Angeles-based mortgage and investment companies.

In April 2012, he agreed to plead guilty to two counts of wire fraud.

According to his plea agreement, Kaup carried out three separate fraud schemes that defrauded more than 50 mostly working class families who sought his assistance in refinancing their homes.

The FBI says the schemes led to losses for the homeowners of more than $11 million.

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