The Real Deal Miami

Miami mortgage consultant pleads guilty to condo scam

Florencio Luis Tezanos took bribes to pass fraudulent applications at Kensington complex

November 14, 2014 04:30PM

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Kensington of Royal Palm Beach in West Palm Beach of Florencio Luis Tezanos

Kensington of Royal Palm Beach in West Palm Beach of Florencio Luis Tezanos

Florencio Luis Tezanos, a Miami mortgage consultant at Wells Fargo Bank, pleaded guilty to taking bribes for looking the other way on fraudulent loan applications.

U.S. prosecutors believe he received about $40,000 in 2008 for processing bad condominium loans, ultimately leading to mass foreclosures at the Kensington of Royal Palm Beach, according to the Palm Beach Post.

Tezanos avoided multiple criminal charges of bank fraud and conspiracy by pleading guilty in Miami federal court to one charge of corrupt acceptance of gifts and commissions. The charge carries a maximum 30-year prison sentence. [Palm Beach Post] Christopher Cameron

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