Press Release  Real Estate Broker Indicted for Stealing $464,000 from Homeowners

BOSTON —  A real estate broker has been indicted on additional charges in connection with stealing more than $464,000 through a larceny scheme targeting homeowners facing foreclosure, Attorney General Maura Healey announced today.

Kevin Taing, age 49, of Lowell, was indicted today by a Statewide Grand Jury on the charges of Larceny Over $250 (9 counts). Eastern Funding & Investment, Inc. (EFI), owned by Taing, was also indicted today on the charge of Larceny Over $250. Taing and EFI will be arraigned in Middlesex Superior Court at a later date.

In November 2016, Taing was initially indicted on the charges of Larceny Over $240 (3 counts) and Obtaining a Signature by False Pretenses in connection with stealing more than $165,000 from three homeowners in Lowell and Lynn.

The AG’s Office began an investigation into Taing, a licensed real estate broker and principal of EFI, in late 2014 after a referral from a non-profit legal services agency. Authorities allege that Taing, who is of Cambodian descent and speaks Khmer, persuaded 11 homeowners of Cambodian descent facing foreclosure to make payments to EFI rather than the actual holder of their mortgage loans.

Authorities further allege that Taing 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 allegedly used the money paid to EFI 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.

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 with assistance from the Lynn Police Department.

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