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Tampa Man Sentenced to 5 Years in Prison for Mortgage Fraud Scheme
Tampa, Florida – In a shocking turn of events, Arthur R. Seaborne, a 70-year-old man from Sarasota, has been sentenced to 5 years in federal prison for his role in a sophisticated mortgage fraud scheme.
According to court documents, Seaborne and his co-conspirators used several corporate entities to perpetuate the fraud scheme, including Southeast Capital Advisors, LLC. Through this entity, Seaborne marketed a “no money down” residential purchase program that operated by making loans to his clients, so that those clients could make down payments in connection with their purchases of residential properties.
The scheme involved preparing and submitting mortgage loan applications to lenders for these same clients, which were fraudulent in that they omitted the fact that the clients’ down payments had been loaned to them. Further, the applications usually overstated the clients’ assets and understated their liabilities. Some loan applications also included the fraudulent misrepresentation that the clients intended to make the properties their primary residences, when in fact they were investment properties.
Seaborne pleaded guilty to conspiring to commit bank fraud on November 6, 2012. The matter of restitution will be addressed at a later date. Seaborne was also ordered to forfeit $4,269,886.55 in proceeds from the offense.
The losses incurred by the lenders amount to approximately $4 million. This case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorneys Rachelle DesVaux Bedke and Joseph W. Swanson.
Seaborne’s sentence is a stark reminder that mortgage fraud will not be tolerated in this country. We urge all citizens to report any suspicious activity to the authorities immediately.
Source: U.S. District Judge Steven D. Merryday sentenced Arthur R. Seaborne to 5 years in federal prison for conspiring to commit bank fraud on an unspecified date in 2012. The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorneys Rachelle DesVaux Bedke and Joseph W. Swanson.
Defendant: Arthur R. Seaborne
Criminal Charges: Conspiring to Commit Bank Fraud
City and State: Tampa, Florida
Date: November 6, 2012
Sentence: 5 years in federal prison
Dollar Amount: $4,269,886.55
Note: The exact date of the sentencing was not provided in the source.
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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