Three of four Palm Beach-based loan officers charged in a $2.5 million reverse mortgage and loan modification scheme have plead guilty and each face up to 30 years in prison, the U.S. Department of Justice announced today.
According to the Palm Beach Post, Louis Gendason, Kimberly Mackey and John Incandela all plead guilty to one count of conspiracy to commit wire fraud for their participation in the scheme. The fourth defendant, Marcos Echeverria, is scheduled to appear in court Aug. 10.
From May 2009 to November 2010, the defendants defrauded borrowers Genworth Financial Home Equity Access and the Federal Housing Administration, the DOJ said, causing Genworth to approve and the FHA to insure more than $2.57 million in reverse mortgage loans.
Sentencing for Mackey and Incandela is scheduled for Nov. 3. Gendason’s sentencing is scheduled for Nov. 8. [Palm Beach Post]