Mortgage broker convicted in $20M mortgage fraud scheme

Marco Laureti and three others falsified mortgage docs, feds say

Marco Laureti (Credit: Getty Images)
Marco Laureti (Credit: Getty Images)

Mortgage broker, lender and real estate agent Marco Laureti has been convicted in a $20 million mortgage fraud scheme in South Florida.

Laureti was found guilty of one count of conspiracy to commit wire fraud and seven counts of wire fraud affecting Washington Mutual, according to the Daily Business Review.

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Laureti and Felix Mostelac, Michelle Cabrera and Pedro Melian were allegedly involved in the scheme tied to a Fort Lauderdale condo complex and other properties. They allegedly falsified mortgage loan applications on luxury condos at 45 Hendricks Isle in Fort Lauderdale.

Together, they defrauded $20 million, the newspaper reported.

Federal prosecutors allege that Laureti, former publisher of the now-defunct Spanish newspaper “El Popular” and CEO/broker of Network Real Estate Advisors, used proceeds from the scam to buy a $6.9 million mansion in Miami Beach. His sentencing is scheduled for Jan. 25 and he faces up to 30 years in prison on each count. [DBR]Katherine Kallergis