Prison sentences for three convicted of $50M mortgage fraud

Bank of America, Sun Trust Bank among entities defrauded

TRD MIAMI /
Dec.December 08, 2014 05:05 PM

The last three members convicted in a mortgage fraud scheme involving multiple lenders have received lengthy prison sentences from a federal judge in Miami.

The scheme was reportedly led by Miami resident Domencio Rabuffo, who was previously sentenced to 27 years in prison. The newest sentences handed down last week include 14 years for Rabuffo’s ex-wife Mae Rabuffo, plus 20 years each for Tampa resident Curtis Allen Davis and Raymond E. Olivier of Land O’Lakes, according to the South Florida Business Journal.

The charges alleged that the defendants and others conspired to defraud multiple lenders including Bank of America and Sun Trust Bank between 2003 and 2008. The Rabuffos used shell companies to acquire Hampton Springs, a residential development in Cashiers, North Carolina, according to the South Florida Business Journal. Straw borrowers were recruited to buy building lots and then obtain construction loans with falsified loan applications, the paper reported. [South Florida Business Journal]  Chris Guanche


Related Articles

arrow_forward_ios
Miami beach skyline (Credit: iStock)

Florida man sentenced in $3.5M mortgage fraud scheme that targeted Orthodox Jewish community

Convicted mortgage fraudster gets 9 years in prison for role in South Florida scheme

Convicted mortgage fraudster gets 9 years in prison for role in South Florida scheme

Fraud alert: Bogus mortgage applications are on the rise

Fraud alert: Bogus mortgage applications are on the rise

More borrowers faking their incomes, employment to buy homes

More borrowers faking their incomes, employment to buy homes

Mortgage broker gets 15 years for $20M fraud scheme

Mortgage broker gets 15 years for $20M fraud scheme

New Jersey-based lender agrees to pay $45M to settle mortgage misconduct claims

New Jersey-based lender agrees to pay $45M to settle mortgage misconduct claims

Mortgage broker convicted in $20M mortgage fraud scheme

Mortgage broker convicted in $20M mortgage fraud scheme

How to protect yourself against the rising risk of mortgage fraud

How to protect yourself against the rising risk of mortgage fraud

arrow_forward_ios
Loading...