Press Release  Real Estate Broker Charged in Connection with Stealing More Than $165,000 from Homeowners

Boston — A real estate broker has been charged in connection with stealing more than $165,000 through a larceny scheme targeting homeowners in Lowell and Lynn facing foreclosure, Attorney General Maura Healey announced today.

Kevin Taing, age 49, of Lowell, was arraigned yesterday in Middlesex Superior Court on the charge of Larceny Over $250 (1 count). He was also arraigned yesterday in Essex Superior Court on the charges of Larceny Over $250 (2 counts) and Obtaining a Signature by False Pretenses. Taing pleaded not guilty to the charges.

"Vulnerable homeowners facing foreclosure and looking for help were allegedly exploited by this broker who stole tens of thousands of dollars from each to pay for personal expenses and a beach house in California,” said AG Healey. “Our office unfortunately sees new scams emerge that take advantage of consumers in their most desperate moments, and we will continue to go after those who take advantage of others for their own financial gain.”

The AG’s Office began an investigation in late 2014 after a referral from a non-profit legal services agency. Taing is a licensed real estate broker and principal of Eastern Funding & Investment, Inc. (EFI). Taing, who is of Cambodian descent and speaks Khmer fluently, allegedly persuaded three separate homeowners of Cambodian descent facing foreclosure, to make payments to EFI rather than the actual holder of their mortgage loans. Taing allegedly led these families to believe that by paying EFI they would reduce their monthly payments, stay in their homes or otherwise resolve their mortgage issues.

Taing sent these homeowners mortgage statements, but authorities allege that he never forwarded any of the payments to the holders of the mortgage loans. Taing allegedly converted the money paid to EFI to his personal use, using the funds to pay for personal expenses, credit card bills, restaurant and retail expenses, and to support a property near Huntington Beach, Calif.

These charges are allegations and the defendant is presumed innocent until proven guilty. Consumers who feel that they could have been a victim of this or similar scams should contact the Attorney General’s Consumer Advocacy and Response Division at (617) 727-8400.

This case is being prosecuted by Assistant Attorney General Edward Beagan, Senior Trial Counsel in AG Healey’s White Collar and Public Integrity Division. This case was investigated by the State Police, Financial Investigations Division.

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