The Real Deal Miami

Miami woman sentenced for mortgage fraud

January 23, 2009 02:35PM

Magile Cruz, a Miami resident, was sentenced in federal court yesterday to more than 10 years in prison and ordered to pay more than $6 million in restitution for her participation in a multimillion-dollar mortgage fraud scheme. Cruz owned several mortgage and title companies and prepared fraudulent mortgage applications on behalf of straw buyers for properties in Miami-Dade and Broward counties. Cruz and her co-conspirators kept the difference between the inflated prices listed on the mortgage applications and the properties’ actual selling prices.