Mortgage broker gets 15 years for $20M fraud scheme

Marco Laureti must also pay millions in restitution for the scam

Miami /
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

arrow_forward_ios
Premium Digital Control & Automation's Marc Farbstein and Fortress Anchors' Dylan Hallerberg with 52 Royal Palm Drive (LinkedIn, Google Maps)
Smart home honcho buys waterfront Fort Lauderdale home
Smart home honcho buys waterfront Fort Lauderdale home
Dev Motwani and Nitin Motwani with a rendering of 530 North Birch Road (Adache Group Architects)
Motwanis win approval to expand planned Fort Lauderdale condo project
Motwanis win approval to expand planned Fort Lauderdale condo project
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Sharon Gustafson, Laurent Ouazana and 3916 Country Club Lane (Facebook/Sharon Gustafson, Twitter/@hellolab, Susan Rindley with One Sotheby’s International Realty, Getty)
French insurance CEO buys Fort Lauderdale estate
French insurance CEO buys Fort Lauderdale estate
Renderings of the residential tower in downtown Fort Lauderdale (ODA Architecture)
Brooklyn firm looks to build 47-story Fort Lauderdale tower
Brooklyn firm looks to build 47-story Fort Lauderdale tower
A photo illustration of 1712-1718 Southeast 12 Court in Fort Lauderdale (Getty Images, Google Maps)
Waterfront Fort Lauderdale spec estate trades for record $32.5M
Waterfront Fort Lauderdale spec estate trades for record $32.5M
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
arrow_forward_ios

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

Loading...