The Real Deal Miami

Boca man pleads guilty to $5M mortgage fraud

April 20, 2010 04:46PM

A TopDot Mortgage branch manager from Boca Raton pleaded guilty today to a $5 million mortgage fraud scheme in federal court. The defendant, Jason Vitulano, was accused for faking loan applications between 2006 and 2007, tricking lenders into granting more than $5 million in mortgage loans to unqualified borrowers in Broward and Palm Beach counties, according to the U.S. Department of Justice. Vitulano, who is now facing up to 30 years in prison when he is sentenced July 19, worked with several co-workers in the scheme, and the group divided the money from the loans amongst themselves.