Redwood Trust, a Rotterdam, N.J., company, is under federal investigation for allegedly promising to help people with mortgages and other debts and making off with their money instead, the Albany, N.Y., Times Union reported Thursday.
Authorities told the Times Union there may be hundreds of people across the United States who were allegedly duped by Redwood Trust. The accusations in New York involve Kenneth G. Titus Sr., a 59-year-old former plumber who is the target of a federal investigation, according to reports.
Agents with the Internal Revenue Service seized more than $2.4 million from bank accounts controlled by Titus in January, according to reports. Titus has not been charged with any crime, but authorities told the Times Union they are in the beginning stages of an investigation.
There is no connection between Titus’ company and a publicly traded California real estate investment firm, Redwood Trust Inc., based in Mill Valley, Calif., which is listed on the New York Stock Exchange, authorities told the Times Union.
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