Loreta Seneca, Real Estate Investment Scheme, Florida 2023

Loreta Seneca, 51, Sentenced to 27 Months in Prison for Role in Real Estate Investment Scheme

Loreta Seneca, 51, of Boynton Beach, Florida, was sentenced to 27 months in prison for her role in a real estate investment scheme that defrauded lenders and individuals. According to court documents, Seneca, along with Robert Rivernider and Robert Ponte, recruited victim borrowers to take out financing for investment properties in Tennessee and Florida.

The scheme, which operated between November 2006 and December 2007, involved at least 100 properties and resulted in losses of over $21 million for victim lending institutions. Seneca, a trained mortgage broker, was actively involved in the real estate transactions, including gathering materials and information from victim borrowers.

Senea pleaded guilty to one count of conspiracy and one count of wire fraud on February 25, 2013. Her co-conspirators, Rivernider and Ponte, pleaded guilty to multiple charges stemming from this scheme and a separate scheme that defrauded investors out of approximately $2.2 million.

Rivernider is currently serving a 144-month prison term, while Ponte is serving a 90-month term. Judge Robert N. Chatigny ordered Seneca to pay restitution in the amount of $5 million, and the government is seeking an order of full restitution against Rivernider and Ponte.

The Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation conducted the investigation, while Assistant U.S. Attorneys John H. Durham and Christopher W. Schmeisser prosecuted the case.

Senea’s sentencing is a significant blow to those involved in the scheme, which caused significant financial losses for victim lenders and individuals. The case serves as a reminder of the importance of transparency and accountability in real estate transactions.

Senea’s 27-month prison term, followed by three years of supervised release, serves as a warning to those who engage in similar schemes. The government’s efforts to seek full restitution against Rivernider and Ponte will also help to compensate victims for their losses.

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