Fifth person pleads guilty to Royal Palm Beach $25M mortgage scheme

Miami attorney Rashmi Airan-Pace is the fifth person to plead guilty in a $25 million mortgage scheme.

Airan-Pace, 43, reportedly pleaded guilty on Dec. 17 to having taken part in the scheme that left the Kensington of Royal Palm Beach condominium inundated with foreclosures.

She was the closing agent on 90 sales at the 167-unit condominium between 2007 and 2009 — a period when buyer incentives, including cash rebates, guaranteed rent and condo fees, and cash-to-close payments were hidden from banks.

The deals Airan-Pace made resulted in $18 million of defaulted mortgages at the Kensington, the Palm Beach Post reported. Court records say banks loaned an estimated $25 million to Kensington borrowers based on false loan documents. Airan-Pace faces a maximum penalty of five years in prison and is scheduled to be sentenced March 5. She also pleaded guilty last week to one charge of conspiracy to commit bank fraud in connection with closings conducted at a Tampa condominium. [Palm Beach Post] — Kristina Puga