Rancho Cucamonga Man Wanted For Grand Theft In Connection With $44 Million Scheme

SAN BERNARDINO (CBSLA.com) — Officials continued to search on Tuesday for a 41-year-old man who is wanted for allegedly committing grand theft within a major loan modification fraud scheme.

According to the San Bernardino County District Attorney's Office, Stephen Lyster Siringoringo, 34, of Westminster, and Joshua Michael Cobb, 32, and Alfred Orn Clausen allegedly stole over $44 million from victims who sought loan modifications from their fraudulent law firm.

Victims were promised that all changes made to their loans would be handled by a licensed attorney within the Siringoringo Law Firm, authorities explained.

However, the loans were passed off to unlicensed representatives that fraudulently altered the accounts, and collected monthly payments and upfront fees from the victims.

Authorities said the law firm advertised their services through local television, radio, and Spanish language media outlets.

On March 5, Siringoringo and Cobb were arrested by investigators.

According to the district attorney's office, all three men were charged on Friday with 23 felony counts each of grand theft of personal property and taking upfront fees for loan modifications, along with 24 counts each of money laundering at a preliminary hearing.

Officials said Siringoringo and Cobb are each being held on $17,837,000 bail. If convicted, they will face in excess of thirty years in state prison.

Clausen remains at large, and is known to travel back and forth to Iceland, authorities added.

The investigation is ongoing.

Anyone with information regarding Clausen's whereabouts is urged to contact the San Bernardino County District Attorney's Real Estate Fraud Prosecution Unit at (909) 891-3519.