Mortgage Fraud Kingpin Rabuffo Sentenced to 27 Years

MIAMI, FL – Domenico ‘Dom’ Rabuffo, the architect of a $49.6 million mortgage fraud scheme that spanned over five years, has been sentenced to 27 years and three months in prison by Chief United States District Judge K. Michael Moore. The 78-year-old Miami resident was found guilty alongside three co-defendants for orchestrating a complex conspiracy against several FDIC-insured lenders.

Rabuffo, along with Mae Rabuffo, Raymond E. ‘Ray’ Olivier, and Curtis Allen Davis, conspired to defraud banks including Bank of America, Regions Bank, SunTrust Bank, and Wachovia Bank. They used shell companies to control a North Carolina property development, Hampton Springs, and enlisted straw borrowers in fraudulent loan applications.

The scheme involved paying borrowers for lot purchase loans and construction loans, using the proceeds from the fraud. Lenders were deceived with forged signatures and fraudulent documents, including false statements about earnest money deposits and cash payments at closing.

Olivier and Davis played a crucial role by recruiting straw borrowers and providing虚假 employment verifications. Mae Rabuffo, Davis, and Olivier will be sentenced later this year.

Three additional defendants, Diane M. Hayduk, Victor Miguel Vidal, and Lazaro Jesus Perez, have pled guilty and are assisting the U.S. government in their investigation.