Florida authorities work hard every year to combat financial crimes. They have their hands full, as the Sunshine State is often the target for schemes that focus on its rich real estate market, and the huge amount of money that changes hands in that market. Some cases of financial malfeasance occur across many years, as is true in a series of mortgage fraud crimes attributed to a Delray Beach resident.
The man, 50, is said to have engaged in fraudulent activities in Florida across at least 25 years. According to authorities, he began committing mortgage fraud way back in 1988, along with bank fraud as well. The crimes paid off to the tune of millions of dollars, allowing him to live a lavish lifestyle. That lifestyle included an opulent compound in South Florida and courtside seats for Miami Heat games. He was known to talk with celebrities at the games and enjoy his wealth.
However, investigators were detailing his crimes. He was caught, tried and sentenced, but was then released. Upon being released, authorities say, he went right back to the same patterns. Now, he is going on trial again after being charged with having led a $15 million wire and bank fraud conspiracy.
Prosecutors allege that his involvement in this crime is similar to his involvement in past ones. The U.S. Secret Service, which has also contributed information to the investigation, says that the man and his partners conspired together to buy and sell over 20 South Florida properties between 2006 and 2013. They now face sentences of up to 30 years each if convicted.
The man and his alleged co-conspirators in this Florida case face serious penalties. They, and others accused of mortgage fraud, must build a solid defense in order to have the best chance at a positive outcome in their cases.
Source: Mortgage Daily, “Florida Mortgage Fraud Fugitive Behind Bars” Paula McMahon, Jan. 20, 2014