Geo Geovanni, Mortgage Scheme, Florida 2008

Florida Real Estate Broker Sentenced In Mortgage Scheme

Orlando, FL - In a devastating blow to the real estate industry, Geo Geovanni, a former real estate broker based in Orlando, has been sentenced to 37 months in federal prison for his involvement in a mortgage scheme that left Fannie Mae, Freddie Mac, and JP Morgan Chase Bank with a staggering loss of approximately $736,000.

According to testimony and evidence presented at trial, Geovanni engaged in a conspiracy to conceal sales incentives from mortgage lenders while selling condominium units at The Landing, located in Altamonte Springs, Florida. These incentives, which included making down payments and paying kickbacks after closing, were not disclosed to the lenders.

As a result of his actions, Geovanni helped cause a significant loss to the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), and JP Morgan Chase Bank when the mortgages involved in the fraudulent transactions went into foreclosure.

The investigation into Geovanni's activities was conducted by the Federal Housing Finance Agency Office of Inspector General and the Federal Bureau of Investigation. The case was prosecuted by Special Assistant United States Attorneys Chris Poor and Joseph Capone.

Geo Geovanni, 50, of Moultrie, Georgia, was found guilty by a federal jury on November 29, 2018, for conspiracy to commit bank fraud and bank fraud. As part of his sentence, the court also entered a money judgment of $56,984.34, the proceeds of the fraud scheme.

In a statement, the court highlighted the severity of Geovanni's actions, stating that his decision to conceal sales incentives from mortgage lenders resulted in significant losses for the affected entities. The court's decision serves as a stern warning to others involved in similar schemes, emphasizing the importance of transparency and accountability in the real estate industry.

Geo Geovanni's 37-month prison sentence marks a significant milestone in the fight against mortgage fraud. The case serves as a reminder of the devastating consequences of such crimes and the importance of holding individuals accountable for their actions.

Source: https://www.justice.gov/usao-mdfl/pr/real-estate-broker-sentenced-orlando-area-mortgage-scheme