A Queens company accused of targeting Hispanic homeowners in a mortgage fraud scheme reaches a settlement with the state.

Attorney General Eric Schneiderman announced Wednesday that his office reached a 1.6 million dollar settlement with American Hope Group. The business' address is listed as being located in Long Island City.

The settlement comes following an investigation into the company's allegedly fraudulent mortgage rescue scheme. Schneiderman says American Hope collected millions of dollars in monthly fees from customers, but did not follow through on promises to provide relief from unaffordable mortgage payments.

As part of the agreement, American Hope is also banned from advertising mortgage relief services or offering debt relief products for three years.