Fifth person pleads guilty to Royal Palm Beach $25M mortgage scheme

Attorney Rashmi Airan-Pace faces five years in prison

TRD MIAMI /
Dec.December 26, 2014 11:15 AM

Miami attorney Rashmi Airan-Pace is the fifth person to plead guilty in a $25 million mortgage scheme.

Airan-Pace, 43, reportedly pleaded guilty on Dec. 17 to having taken part in the scheme that left the Kensington of Royal Palm Beach condominium inundated with foreclosures.

She was the closing agent on 90 sales at the 167-unit condominium between 2007 and 2009 — a period when buyer incentives, including cash rebates, guaranteed rent and condo fees, and cash-to-close payments were hidden from banks.

The deals Airan-Pace made resulted in $18 million of defaulted mortgages at the Kensington, the Palm Beach Post reported. Court records say banks loaned an estimated $25 million to Kensington borrowers based on false loan documents. Airan-Pace faces a maximum penalty of five years in prison and is scheduled to be sentenced March 5. She also pleaded guilty last week to one charge of conspiracy to commit bank fraud in connection with closings conducted at a Tampa condominium. [Palm Beach Post] — Kristina Puga


Related Articles

arrow_forward_ios
Clarion Partners CEO David Gilbert and 500 North State Road (Credit: Google Maps)

Clarion Partners sells BJ’s-anchored retail center for $40M

Brian Tuttle and a rendering of Tuttle Royale

Brian Tuttle gains key approval for Tuttle Royale project

Southern Palm Crossing with Blackstone president Jon Gray and InvenTrust Properties CEO Thomas P. McGuinness

Blackstone sells Costco-anchored shops to InvenTrust for $97M

Village Shoppes on 441, Jacob Khotoveli

JBL Asset Management pays $21M for foreclosed shopping center in Royal Palm Beach

9200 Belvedere Road in Royal Palm Beach

Chinese investors seeking EB-5 visas want a receiver for Royal Palm Beach office project

American Landmark pays $105M for Plantation, Royal Palm Beach apartment complexes

American Landmark pays $105M for Plantation, Royal Palm Beach apartment complexes

9200 Belvedere Road in Royal Palm Beach

EB-5 investors allege fraud in Royal Palm Beach office project

Related prepares to open 1,500-plus apartments in four Florida rental developments

Related prepares to open 1,500-plus apartments in four Florida rental developments

arrow_forward_ios
Loading...