The Real Deal Miami

Posts Tagged ‘mortgage fraud’

  • $50M Miami-based mortgage fraud scheme uncovered

    Ten people, including mortgage company owner and two developers, hit with indictments
    August 29, 2014 10:30AM

    Gavel-new315-304Ten federal indictments were handed down over a $50 million mortgage fraud scheme based in Miami.

    Hector Hernandez, owner of Great County Mortgage Bankers, was charged with wire fraud earlier this week. Seven of his employees were also indicted, along with developers Armando Bravo and Aleida Fontao. [more]

    Comments
  • Seven face charges over $50M mortgage fraud

    Miami indictment ties scheme to N.C. development
    January 13, 2014 12:45PM

    Gavel-new315-304Seven Floridians face allegations of running a $50 million mortgage fraud, according to an indictment filed in Miami.

    The defendants are accused of running a fraud scheme tied to mountain-view property sales in North Carolina from 2003 to 2008, Daily Business Review reported. Lenders allegedly victimized by the scheme include Bank of America, Regions Bank and Wachovia Bank. Straw buyers were recruited to acquire properties in the Hampton Springs development in Cashiers, N.C. [more]

    Comments
  • Feds in SoFla charge 10 with mail, wire fraud

    Indictment claims group fleeced distressed borrowers
    December 27, 2013 11:15AM

    Gavel-new315-304Ten men have been charged with perpetrating a South Florida-based mortgage modification fraud that fleeced homeowners out of at least $7 million.

    A federal mail and wire fraud indictment was filed in West Palm Beach against the men, Daily Business Review reported. According to the indictment, Jason Vitulano of West Palm Beach orchestrated a telemarketing operation as president of FHA All Day. Vitulano and nine alleged co-conspirators targeted borrowers behind on mortgage payments through telemarketing calls. [more]

    Comments
  • Florida leads the nation in mortgage fraud

    Florida had the most mortgage fraud activity of any state in the country during the fourth quarter of 2012, according to Dallas-based website Mortgagedaily.com, the South Florida Business Journal Reported.

    Mortgagedaily.com’s national mortgage fraud index fell to its lowest level in five years, but the rate of mortgage fraud in Florida went up in the same period, the Business Journal noted. During the fourth quarter, the site reported $246.9 million in mortgage fraud cases in Florida. California was next on the list, at $194.3 million. [more]

    11 Comments
  • Jade

    A group of six defendants have been sentenced in a  multi-million-dollar mortgage fraud scheme at the Jade condominium in Miami’s Brickell neighborhood, according to U.S. Attorney for the Southern District of Florida Wifredo Ferrer. The defendants include Lilli Casal-Diaz, Andres Mendez, Andy Mendez, Jr., Josephine Santana, Jose Rafael Martinez and Basilio Gomez. All have been sentenced to terms of imprisonment for their roles in a scheme that netted more than $5.6 million. The longest sentence went to Andres Mendez, who received five years in prison. — Alexander Britell

    Comments
  • New York-based defendant Juan Carlos Sanchez has pleaded guilty in connection with a $39 million mortgage fraud scheme centered in Fort Lauderdale, according to United States Attorney for the Southern District of Florida Wifredo Ferrer. Sanchez pleaded guilty to count one of an indictment which had charged him with conspiracy to commit mail and wire fraud. Sanchez, who was originally indicted along with seven other defendants, will be sentenced in January. — Alexander Britell

    Comments
  • A Broward County resident has been sentenced to 42 months in prison and three years of supervised release after pleading guilty to charges involving a mortgage fraud ring at the Versailles development in Wellington, according to United States Attorney for the Southern District of Florida Wifredo Ferrer. Juan Carlos Rodriguez pleaded guilty to conspiracy to commit mail fraud, wire fraud and financial institution fraud, along with conspiracy to commit money laundering. More than 30 defendants have been prosecuted for mortgage fraud in Versailles in the past five years. — Alexander Britell

    68 Comments
  • Four more defendants have pleaded guilty in a mortgage fraud scheme at the Jade condominium in Miami’s Brickell that totaled more than $5.6 million in fraudulently-obtained proceeds, according to United States Attorney for the Southern District of Florida Wifredo Ferrer. Defendants Lilia Casal-Diaz, Raquel DeJesus Martinez, Andres Mendez and Andy Mendez, Jr., have all pleaded guilty. Mendez and Mendez are both real estate brokers. Another defendant in a related case, Jose Arnaldo Rosario, was sentenced in August 2011 for his role in the scheme. Casal-Diaz and Martinez each face a maximum of five years in prison. Diaz and Diaz, Jr. each face a possible statutory maximum sentence of up to 30 years in prison. — Alexander Britell

    Comments
  • Miami Beach developer Michael Stern, one-time government informant and the man once accused of defrauding NFL star Dwight Freeney, has been indicted on separate fraud charges by a federal grand jury, the Miami Herald reported. Stern is accused of collecting approximately $20 million from fraudulent mortgages on his Miami Beach properties.

    Stern allegedly used the identities of two business partners to buy property on Collins Avenue and then take out mortgages on those properties without his partners consent or knowledge. In all Stern faces charges of four counts of conspiracy, mail fraud and identity theft. [more]

    49 Comments
  • Three defendants have pleaded guilty for their roles in a multi-million-dollar mortgage fraud scheme involving units at the Jade condominium complex in Miami, according to U.S. Attorney for the Southern District of Florida Wifredo Ferrer. [more]

    Comments
MENU