Jason Martin, Mortgage Fraud Conspiracy, Florida 2005

Tampa, Florida – In a shocking turn of events, a California mortgage broker has been brought to justice for his role in a complex mortgage fraud scheme.

Jason Martin, a 36-year-old resident of Orange County, California, pleaded guilty to mortgage fraud conspiracy charges involving bank and wire fraud. According to the US Attorney’s office, Martin faces a maximum penalty of 30 years’ imprisonment. A sentencing date has not yet been set.

The scheme, which took place in 2005, involved entities controlled by co-conspirators entering into a contract to purchase The Arbors, an apartment complex in Hillsborough County, Florida. The new owners then engaged in a plan to convert the complex from rental apartments to condominium units.

As part of the scheme, the co-conspirators developed a set of incentives, such as rental supplements, payment of homeowner’s association fees, and kickbacks to the buyers after closing. These buyer incentives were deliberately hidden from the lenders.

Martin’s role in the conspiracy involved originating mortgages through Envision Lending and Set 2 Go Loans. The loan applications submitted by Martin contained material misrepresentations, including false occupancy and inflated borrower income and asset information. These loan applications were submitted to FDIC insured institutions and other mortgage lenders.

Additionally, through his company HUMAR Investments, Martin and his co-conspirator provided borrowers with cash to close without disclosing the payments to the lenders.

The case was investigated by the Federal Bureau of Investigation and the Federal Housing Finance Agency Office of Inspector General. It is being prosecuted by Special Assistant United States Attorney Chris Poor and Assistant United States Attorney Jay Hoffer.

As the Grimy Times continues to expose the dark underbelly of white-collar crime, it is clear that those who engage in mortgage fraud will be brought to justice.

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