The Real Deal Miami

Mortgage scammers plead guilty

September 30, 2008 12:33PM

A West Palm Beach real estate investor and a mortgage broker in Boca Raton pleaded guilty to one count of conspiracy to commit bank fraud and one count of mail fraud, according to plea agreements filed in federal court. Investor Ralph Michel and mortgage broker Lauren Jasky of Compass Mortgage Services were part of a scheme to secure bogus mortgages on 37 properties in Palm Beach County and seven in Naples. They each face up to 30 years in prison. Three others have already pleaded guilty in the scam.