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South Florida

Boca Raton loan fraud ringleader to serve 11 more years in prison

Mortgage fraud

A convicted loan fraud ringleader in Boca Raton was reportedly sentenced to 11 years in prison followed by three years of supervised release for his crime.

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The new sentence for Jason Vitulano will be served concurrently with time he is doing for convictions in two other mortgage fraud cases.

Vitulano was also ordered to pay $5.9 million in restitution, the South Florida Business Journal reported.

Between September 2008 and August 2009, Vitulano and associates collected funds from homeowners in exchange for loan modifications, many of which never materialized, according to the article. [South Florida Business Journal] – Katherine Kallergis

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Fraud