Brentwood Man Charged In Multi-Million Dollar Mortgage Scam

BRENTWOOD (CBS / AP) — A Contra Costa County man is facing charges that he bilked more than 1,000 homeowners in a multi-state, multi-million dollar mortgage scam.

Authorities said 44-year-old Alan David Tikal was arrested at his home in Brentwood on Friday, the same day prosecutors filed a complaint in federal court against him.

Tikal is accused of operating a sham mortgage rescue company that offered homeowners cheaper mortgages and promised to cover their existing, more expensive home loan.

Prosecutors say he collected more than $3 million from the victims, most of whom lived in California. The homeowners were allegedly instructed not to pay their original mortgages and ignore correspondence from the lender. Prosecutors say many lost their homes to foreclosure.

Tikal was due in court on Friday afternoon. It was not clear whether he had retained an attorney.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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