⏱ 2 min read
Armando Martinez, a 51-year-old former Florida resident now living in Texas, has been sentenced to 20 years in federal prison for orchestrating a massive appraisal fraud scheme in Florida. Martinez, who had his Florida Appraiser’s license revoked, used the identity and license number of a legitimate appraiser to conduct fake onsite appraisals for dozens of properties in Florida. He then used this information to create false appraisals, which he sent to lenders, resulting in over $65 million in impaired or defective mortgages.
Martinez’s scheme involved paying others to take pictures of properties, which he would then use to complete the appraisals. He carried out this scheme from the Dominican Republic, where he had fled after leaving the United States. The fake appraisals were used to induce lenders to approve and fund mortgage loans, with Martinez collecting appraisal fees in the process.
The investigation into Martinez’s activities was conducted by the Federal Housing Finance Agency Office of Inspector General and the United States Department of Justice. The case is part of a broader effort by the Department of Justice to combat fraud, particularly in the area of housing finance. Martinez pleaded guilty to the charges and was sentenced by Chief U.S. District Judge Amos Mazzant, III, of the United States District Court for the Eastern District of Texas.
The outcome of this case serves as a warning to those who would engage in similar fraudulent activities. The Department of Justice is committed to investigating and prosecuting those who seek to defraud lenders and taxpayers, and will continue to work to protect the integrity of the housing finance system.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Florida
- Location: US
- Source: DOJ Press Release
