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Mortgage Fraud Scheme Rocks Florida, 17 Indicted
Seventeen individuals have been charged in a 17-count indictment with conspiracy to commit bank fraud and various substantive bank fraud offenses, in violation of Title 18, United States Code, Sections 1349 and 1344.
The indictment, announced by Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, Timothy Mowery, Special Agent in Charge, Federal Housing Finance Agent, Office of Inspector General (FHFA-OIG), Southeast Region, George L. Piro, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Division, and Juan J. Perez, Director, Miami-Dade Police Department (MDPD), reveals a complex mortgage fraud scheme that targeted various FDIC-insured lenders.
According to allegations contained in the indictment, the defendants conspired to perpetrate a scheme against various FDIC-insured lenders during 2007 and 2008. The scheme involved obtaining mortgage loans for unqualified buyers of units in two condominium projects on the west coast of Florida: Portofino at Largo, also known as Indian Palms, in Largo, Florida; and Bayshore Landing, in Tampa, Florida.
The defendants, including Miguel Soto, Jr., Hector Raul Santana, Miguel Faraldo, and Maria Rosa Diaz, among others, allegedly recruited unqualified buyers to purchase units in the condominium projects. The defendants submitted fraudulent loan applications to induce the lenders to make mortgage loans to the unqualified buyers, containing false and fraudulent statements relating to the borrower’s occupation, income, and assets, among other things.
Miguel Soto, Jr. was the acting manager of two Florida companies that sold the condominium units to the unqualified buyers: Indian Palms Holdings, LLC, and 5221 Bayshore, LLC. Hector Raul Santana served as the Director of Sales for Indian Palms Holdings, LLC. Maria Rosa Diaz was the president of Crisvan Investment Group, Inc., a Miami-based mortgage broker business that prepared and submitted the unqualified buyers’ fraudulent loan applications and supporting documents to the lenders.
The defendants also laundered the fraudulently obtained loan proceeds through various marketing companies, including All Florida Marketing, Inc., One Stop Consulting Solutions, Inc., and HHWC Management Group, Inc. The indictment alleges that the defendants made fraudulent statements to unqualified buyers to induce their purchases and submitted false and fraudulent loan applications to induce the lenders to make mortgage loans.
The 17 defendants charged in the indictment are: Miguel Soto, Jr., 46, of Miami, Florida; Hector Raul Santana, 38, of Miami Lakes, Florida; Miguel Faraldo, 52, of Miami, Florida; Barbara E. Zas, 46, of Miami, Florida; Maria Rosa Diaz, 45, of Miami Springs, Florida; Heberto Elias Gamboa, 31, of Miami, Florida; Michael Jose Gonzalez, 31, of Miami, Florida; Jenny Nillo, 50, of Miami, Florida; Jaime Jesus Sola Avila, 59, of Miami, Florida; Jorge Angel Sola, 31, of Miami, Florida; Emily Marie Echavarria, 50, of Miami, Florida; Eduardo Cruz Toledo, 50, of Miami, Florida; Yanet Huet, 44, of Miami, Florida; Carlos Mesa, Jr., 36, of St. Petersburg, Florida; Yipsy Rabelo Clavelo, 45, of Pompano Beach, Florida; Jose Salazar, 49, of Miami, Florida; and Cynthia Velasquez, 39, of Miami, Florida.
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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