Brian Kandefer, whose loan modification scam was based in La Jolla, has been sentenced to 121 months in prison in Northern Indiana. He pleaded guilty to wire fraud and money laundering.
Kandefer was a co-owner of La Jolla's K2 Capital Management, whose employees purported to be mortgage loan experts who could help thousands of homeowners avoid foreclosure. But K2, like so many such enterprises, did not have the expertise and couldn't have pulled off the feat if it had. Those who paid money for such assistance lost a bundle.
In March of last year, Kandefer was charged with multiple counts if wire fraud, mail fraud, and money laundering.