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25 guilty pleas entered in Florida mortgage fraud case

Many people have reportedly pleaded guilty in a recent case in Florida. The alleged mortgage fraud amounted to approximately $64 million. On a recent Tuesday, three people, a 58-year-old woman, 62-year-old woman and 57-year-old man, entered their guilty pleas, bringing the total number of people entering the same plea in the case to 25.

The three persons who recently appeared in court pleaded guilty to wire fraud conspiracy involving a financial institution. One of the men involved is said to have agreed to handing over $8 million of the alleged profit he made in the scheme. A group of mortgage bankers, whose specialty is Federal Housing Administration (FHA) loans, was the alleged participants in the scheme. FHA loans are geared toward first-time home buyers and those with poor credit ratings or low income.

Apparently, the group is accused of falsifying documents in order to secure the FHA loans. After the loans were secured, the company would re-sell them for profit. Those involved are also accused of offering cash kickbacks to the borrowers of the loans. The group also reportedly made money from federal payouts that are given to the lender in cases of foreclosure.

Anyone in Florida who is charged with a white collar crime, such as mortgage fraud, will have the opportunity to defend himself or herself in court. If convicted, penalties can range from fines to time in prison. Therefore, it might benefit a person to acquire legal assistance from a criminal defense lawyer who can then act as an advocate for the one facing charges by speaking on his or her behalf in court.

Source: miamiherald.com, "3 more guilty in $64 million mortgage fraud scheme", July 14, 2015

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25 guilty pleas entered in Florida mortgage fraud case | Frank A. Rubino, Esq.