Sentence issued in mortgage fraud case

Samuel Morejon, who pled guilty in December to one count of conspiracy
to commit wire fraud and two counts of wire fraud, was sentenced to 27
months in federal prison. He was arrested in November 2008 for
participating in the fraudulent sale of residential property in Coral
Gables and Miami. Morejon acted as the straw buyer for the Coral
Gables property, which was flipped three times within two years and
saw its price double. Morejon submitted false loan applications to get
$850,000 in financing. The subsequent buyer, Jose Martinez, did not
pay the mortgage, so the property went into foreclosure.