Mortgage broker gets 15 years for $20M fraud scheme

Marco Laureti must also pay millions in restitution for the scam

Feb.February 01, 2018 06:00 PM

Marco Laureti (Credit: Getty Images)

Marco Laureti did the crime and now he will do serious time.

Convicted of leading a $20 million mortgage fraud scheme in South Beach and Fort Lauderdale, the former mortgage broker, lender and real estate agent has been sentenced to 15 years in prison.

A federal judge handed down the sentence Wednesday, which included five years of supervised release, the Miami Herald reported. Laureti must also pay $8.3 million in restitution.

In November Laureti was found guilty of one count of conspiracy to commit wire fraud and seven counts of wire fraud regarding a loan he took out from Washington Mutual, the now defunct bank. He and three accomplices falsified mortgage loan applications on luxury condos, prosecutors charged.

Authorities said Laureti, former publisher of the now-defunct Spanish newspaper “El Popular” and CEO of Network Real Estate Advisors, used proceeds from the scam to buy a $6.9 million mansion in Miami Beach. [Miami Herald] — Amanda Rabines

Related Articles

22 Isla Bahia Drive and Steven Romaniello

Harbor Beach home sells for $8 million

Niki Higgins of Douglas Elliman and 220 North Compass Drive (Credit: Douglas Elliman and Trulia)

Fort Lauderdale mansion with stock trading room sells for $12M

Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

FATVillage developer buys missing piece for mixed-use project

Bridge Development Partners partner Southeast Region Kevin Carroll and 3233-3303 Southwest 12th Avenue Fort Lauderdale

Bridge Development sells Fort Lauderdale warehouses for $28M

2300 Aqua Vista Boulevard (Credit: Realtor)

Crane mogul drops $12M on waterfront Fort Lauderdale mansion

400 Northeast Third Avenue, Morgan Group CEO (Credit: Google Maps)

TA Realty drops $112M on apartments in Flagler Village

Matthew Rieger and a rendering of Village View

HTG scores financing for Fort Lauderdale senior affordable housing