Frank A. Rubino, ESQ.

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Former developer sentenced in mortgage fraud scheme

In a white collar crime reported outside the state of Florida, a man was recently sentenced to federal prison. The 52-year-old former real estate developer was sentenced by a U.S. District Court judge. The conviction was based upon proof of an $8 million mortgage fraud scheme.

The former developer will spend more than five years in prison for his part in the fraudulent crime scheme. At the conclusion of the prison term, he will be on supervised release for an additional five years. He has also been ordered pay mor than $8 million in monetary restitution. 

Another man convicted for the same fraud is already serving 45 months in prison. The men are said to have defrauded property title companies and lenders by obtaining multiple mortgages on various properties without divulging information pertaining to existing liens on those properties. The insurers are said to have lost a significant amount of money due to the scheme.

After the man was sentenced, he was placed into the custody of the U.S. Marshal's Service. Mortgage fraud is a serious crime in Florida and at the federal level throughout the United States. If one is being investigated for this type of white collar crime, it is advisable to obtain the support and guidance of an experienced criminal lawyer. Under federal sentencing guidelines, a person faces a lengthy term of incarceration under conviction. State and federal laws surrounding mortgage fraud are very complex, and it is typically beneficial to seek consultation with an attorney before proceeding to court.

Source: mlive.com, "Michigan developer sentenced in $8M mortgage fraud", John Agar, Nov. 4, 2015

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