Four charged with fraud in Kensington condo case

Miami /
Apr.April 18, 2014 04:30 PM

A federal judge has formally charged four defendants involved in an alleged $25 million fraud at the Kensington of Royal Palm Beach condominium, according to criminal indictments recently unsealed.

The charges, filed in U.S. District Court for the Southern District of Florida, accused a managing member of the Kensington Trust and three other individuals of conspiracy and bank fraud, the Palm Beach Post reported.

The defendants include Eli Riesel of the Kensington Trust; Rashmi Airan-Pace, an attorney and escrow agent; Jordana Ende Tobel, a realtor and mortgage broker; and Florenco Luis Tezanos, a mortgage consultant at Wells Fargo Bank who was also charged with corrupt acceptance of gifts and commissions.

The indictment alleges the quartet defrauded lenders by failing to disclose that buyers at the West Palm Beach development were paid incentives and by falsifying information on HUD-1 forms. The federal investigation began when a county property appraiser tipped off agents about high-priced flips in 2008, which resulted in a 73 percent foreclosure rate at the building, as previously reported. [Palm Beach Post]Angela Hunt


Related Articles

arrow_forward_ios
Vad Yazvinski of Jordan Capital AM with the property (Jordan, LoopNet)
In good hands: Allstate reels in $12M for office-retail plaza in West Palm
In good hands: Allstate reels in $12M for office-retail plaza in West Palm
The identity theft charges use Oceana Bal Harbour and Mei Miami Beach condos (Oceana, Mei, iStock, District Court of South Florida)
$10M mortgage fraud honed in on Oceana Bal Harbour, Mei Miami Beach condos
$10M mortgage fraud honed in on Oceana Bal Harbour, Mei Miami Beach condos
AHS Residential’s Ernesto Lopes and AEW Capital Management CEO Jeff Furber (AHS, AEW, Grand Peaks)
AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Gold Standard of Care pays $14M for assisted living facility in West Palm
Gold Standard of Care pays $14M for assisted living facility in West Palm
Gold Standard of Care pays $14M for assisted living facility in West Palm
Epic Residences & Hotel with parts of the SEC complaint (Epic, United States District Court)
Miamian charged in payday loan scheme allegedly splurged on $2M downtown condo
Miamian charged in payday loan scheme allegedly splurged on $2M downtown condo
Hilary Musser and the house (Photos: Daniel Newcomb)
Hilary Musser sells waterfront West Palm Beach spec mansion for record $16M
Hilary Musser sells waterfront West Palm Beach spec mansion for record $16M
Developer Jeff Greene and Dalfen Industrial CEO Murray Dalfen with the complex at 1501 Meathe Drive (Dalfen, CBRE)
Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...