The Real Deal Miami

Two plead guilty in Miami-based condo fraud case

Four others accused in scheme will go on trial starting on Sept. 8

August 19, 2014 11:15AM

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Gavel-new315-304The perpetrators of a Miami-based condo fraud scheme entered guilty pleas and await federal prison sentences.

Developer Luis Michael Mendez, 44, and Kinetic Mortgage Group owner Wilkie Perez, 39, each pleaded guilty to conspiracy to commit bank fraud and wire fraud. Mendez admitted to selling units in family-controlled developments to straw buyers. Perez copped to submitting false loan information about buyers in exchange for payments from Mendez.

Lenders lost more than $3 million from the scheme, according to the plea agreement, as cited by the South Florida Business Journal. Federal authorities also indicted four other individuals accused of participating in the scheme. All four entered not guilty pleas and await the Sept. 8 beginning of their trials. [South Florida Business Journal]Eric Kalis

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