(The Center Square) — Arizona is suing two individuals who are accused of operating a predatory real estate scheme that cost homeowners their properties.
Attorney General Kris Mayes filed a lawsuit on Monday against Edward Trenton Albarracin and Gretchen Marie Zamjahn, who are husband and wife.
Mayes said the alleged scheme targeted older people in Arizona who are struggling.
“Let me be clear: Anyone who tries to profit by exploiting vulnerable Arizonans will be held accountable by my office,” she said.
In the lawsuit, Mayes accused Albarracin and Zamjahn of operating a scheme that advertised themselves as professionals who could save people from foreclosure.
Mayes alleged the couple made false promises. She said that instead of helping these homeowners, the couple tricked them into signing over deeds to their homes.
The lawsuit alleged the defendants would contact homeowners facing foreclosure and offer to buy their mortgages so they could stay where they lived.
Mayes said Albarracin and Zamjahn told the vulnerable homeowners that they would need to transfer their deed into a trust. The lawsuit alleged these deeds were actually moved into shell limited liability companies owned by Albarracin.
The attorney general said Albarracin signed the deeds representing the company, whereas Zamjahn certified transactions illegally.
Furthermore, the lawsuit alleged that these two individuals misled and pressured people into filing fake bankruptcy or probate claims.
The attorney general alleged the husband and wife violated the Arizona Consumer Fraud Act and the Adult Protective Services Act.
Additionally, Mayes asked to void any transactions made by Zamjahn due to their alleged illegality.
Before this case was announced, Mayes secured an emergency receivership last week from an Arizona judge that will seize all of Albarracin and Zamjahn’s assets.
Judge Scott Minder appointed Peter Davis to be the receiver who will secure their real estate, vehicles and cash.
Mayes, meanwhile, is seeking restitution for the victims and an injunction that will prevent Albarracin and Zamjahn from ever buying real estate in Arizona again.
“These scammers pretended to offer a lifeline to homeowners in crisis — but in reality, they were stealing people’s homes out from under them,” Mayes said.
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