Broker pleads guilty in Versailles mortgage scheme

Former real estate agent David Lam has pled guilty for his role in a $20 million mortgage fraud scheme involving the Versailles development in Wellington, United States Attorney Wifredo Ferrer announced yesterday. Lam pled guilty to charges in four separate indictments. The charges include four counts of conspiracy to commit mail and wire fraud and three counts of conspiracy to commit money laundering. Lam is the fifth co-defendant in the Versailles ring to plead guilty; four have been sentenced. — Alexander Britell