Jaime Sanchez, Mortgage Fraud, Florida 2014

A Florida man has been sentenced to 168 months in prison for his role in a mortgage fraud scheme that obtained $3,000,000 in 12 fraudulent mortgage loans.

Jaime Sanchez, 43, was sentenced to 168 months in prison, followed by five years of supervised release, for his role in a mortgage fraud kick-back scheme. On October 29, 2014, Sanchez pled guilty to conspiracy to commit mail and wire fraud affecting a financial institution.

According to the indictment, from January 2007 through September 2008, Sanchez and others conspired to recruit individuals who would be willing to purchase condominium units at Marina Oaks Condominiums in Fort Lauderdale, Florida. These buyers were promised a “buyer’s incentive” which in actuality was an indirect payment or “kick-back” to the buyers not disclosed to the lenders or reflected on any of the closing documents.

Sanchez and others would then prepare materially false and fraudulent mortgage applications for the buyers on the Uniform Loan Application Form 1003 which contained false and fraudulent information as to material facts about the borrower’s credit worthiness in order to obtain mortgage money from lenders to fund the purchase of the Marina Oaks Condominiums.

The conspirators would create false and fraudulent documents to support the mortgage applications. Once the loans closed, the conspirators would fraudulently and unlawfully divert portions of the mortgage proceeds for their own personal use and benefit.

Mr. Ferrer commended the investigative efforts of FHFA-OIG and BSO. This case was prosecuted by Assistant U.S. Attorney Thomas P. Lanigan.

A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.

Source: https://www.justice.gov/usao-sdfl/pr/individual-sentenced-mortgage-fraud-case