Three South Florida mortgage professionals connected to 1st Continental Mortgage Company, which has offices in Fort Lauderdale and Boca Raton, conspired with a Pittsburgh title agent to defraud senior citizens through a reverse mortgage scam, according to allegations unveiled Wednesday by U.S. Attorney Wifredo Ferrer, the Miami Herald reported.
All together, the three, Louis Gendason, John Incadela and Marcos Echevarria , allegedly processed 14 reverse mortgages, valued at about $2.5 million nationwide, and pocketed close to $1 million in illegal proceeds.
“There are multiple levels of fraud in this one case,” said Ferrer. “Because of this fraud, some of these [victims] are having to fight off foreclosure.”
Affected homeowners span from South Florida to California, the Herald said. There is one victim in Sunrise and there are three in Palm Beach County.
Each of the alleged fraudsters faces a maximum prison sentence of 30 years. [Miami Herald]