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Mortgage broker gets 15 years for $20M fraud scheme

Marco Laureti must also pay millions in restitution for the scam

Marco Laureti (Credit: Getty Images)
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.

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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

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Fort LauderdaleFraudMortgages