The Real Deal Miami

Two convicted of mortgage fraud in Miami

April 07, 2011 04:00PM

South Florida is living up to its reputation as the mortgage fraud capital of the U.S. Two South Florida men have been convicted of mortgage fraud after being arrested for their involvement in a straw-buying scheme in Miami-Dade County. The men, Fort Lauderdale’s Alan Weitz, of Bal Bay Mortgage in North Miami, and Miami insurance agent Daniel Scala, allegedly asked straw buyers to pose as purchasers of Miami-Dade condos in order to get loans of between $500,000 and $730,000 each. Scala was one of the straw buyers, while another three had pleaded guilty prior to the trial. Sentencing for the case is set for June 9. [SFBJ]