(Spencer)– Spencer police have filed charges against an Emmetsburg man in what they say was home mortgage refinancing scheme.
Police say they arrested 56-year-old Terry Hoffert following a lengthy investigation. He was charged with two counts of theft in the first degree…a class “C” felony; and one count of ongoing criminal conduct.
Authorities say the charges stem from home mortgages that were being re-financed through an abstract service Hoffert operated. He’s accused of keeping a loan that was to have been paid off by a second re-financed load.
Police say victims were unaware of the situation because mailings that would have been sent to the victims from the financial institutions were instead being sent to Hoffert as a result of the suspect allegedly changing the address of the victims.
Police say their investigation continues and more charges are expected as more victims come forward.
Spencer police were assisted by the Iowa Division of Criminal Investigation, the United States Postal Inspector and the Emmetsburg Police Department.
