A California woman was sentenced to seven years in prison for her role in a massive mortgage fraud scheme that netted her over $3.5 million in kickbacks.
Andrea Lorraine Avery, 47, of Los Angeles, California, was sentenced to 84 months in prison on December 2023 after pleading guilty to seven counts of fraud, including conspiracy to commit fraud, mail fraud affecting a financial institution, and conspiracy to commit money laundering.
Avery and her company received more than $3.5 million in kickbacks as a result of the scheme, which involved the purchase of 24 residences in Florida, Georgia, Louisiana, Texas, and California between 2005 and 2008.
According to court documents, Avery and other borrowers made false statements to lenders, including providing false names and social security numbers, overstating income and assets, and falsely stating the earnest money deposit was not borrowed.
The scheme involved the submission of fraudulent supporting documents, including false pay-stubs, false W-2s, false verifications of employment, and false documentation concerning the borrower’s credit.
The charges are the result of an investigation by the Florida Department of Law Enforcement, the Internal Revenue Service – Criminal Investigation, and the Federal Bureau of Investigation.
Avery was ordered to pay restitution in the amount of $10,323,369 to the FDIC as Receiver for Washington Mutual, GMAC Mortgage, SunTrust Mortgage, Wells Fargo Bank, US Bank, and others.
The case was prosecuted by Assistant U.S. Attorney Tiffany H. Eggers.
Defendant: Andrea Lorraine Avery
Criminal Charges: Conspiracy to Commit Fraud, Mail Fraud Affecting a Financial Institution, Conspiracy to Commit Money Laundering
City and State: Pensacola, Florida
Exact Date: December 2023
Sentence: 84 months in prison, restitution of $10,323,369
Dollar Amounts: $16 million in loans issued, $3.5 million in kickbacks
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Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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