Frank A. Rubino , ESQ.

FEDERAL AND INTERNATIONAL CRIMINAL DEFENSE

Coral Gables: 305-858-5300
Houston: 713-574-7716
Toll-Free: 1-866-718-3994
Main Menu
Practice Area

Florida Woman Among Nine Charged In Mortgage Fraud Case

Last week, a federal grand jury returned several indictments leveling charges at 9 individuals, including a Boca Raton woman. The charges are for mail fraud and bank fraud, all stemming from an alleged mortgage fraud scheme in California. The group charged is accused of illegal acts concerning 19 total properties in Carmichael, Sacramento and Copperopolis, California. The Florida woman was among several accused of acting as straw buyers in various transactions.

Prosecutors allege that the straw buyers used their good credit to submit loan applications to buy property. The applications would include false information regarding the income and assets of the straw buyers and would also indicate that the straw buyers intended to use the homes as their primary residences. The straw buyers in this case were generally the friends and family members of the two people accused of leading the group.

The two men, brothers, are real estate developers, builders and real estate sellers in California. They are accused of turning to straw buyers when the housing market collapsed to continue the flow of money necessary to maintain their operations. Their actions drew the attention of the Federal Bureau of Investigation and the Internal Revenue Service - Criminal Investigation unit.

If the men are convicted and are given the maximum penalty, they would be imprisoned for 30 years and fined $1 million. Many factors must be considered before concluding that the group is guilty. Even if guilty, the penalties of the various participants can be greatly impacted by a number of variables. Anyone accused of mortgage fraud should seek the assistance of an experienced defense attorney right away.

Source: LoanSafe.org, "9 Charged for Sacramento-Area Builder Bailout Mortgage Fraud Scheme Involving 19 Homes," by Evan Bedard, 20 September 2012

No Comments

Leave a comment
Comment Information

Coral Gables Office

Frank A. Rubino, Esq.
550 Biltmore Way Suite 780
Coral Gables, FL 33134

Local: 305-858-5300
Toll Free: 1-866-718-3994
Coral Gables Law Office Map
Email the Firm

Houston Office

Frank A. Rubino, Esq.
712 Main St
Houston, TX 77002

Local: 713-574-7716
Toll Free: 1-866-718-3994
Map and Directions
Email the Firm