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Mortgage Executive Jailed for $18M Scam
A shocking $18.7 million mortgage scam has landed a Boca Raton businessman behind bars. Patrick J. Mansell, 68, Vice President of Coastal States Mortgage Corporation, was sentenced to a maximum of five years in prison and three years of supervised release.
According to federal officials, Mansell masterminded a scheme to defraud government-sponsored entities Fannie Mae and Freddie Mac between April 2007 and November 2008. As a licensed mortgage brokerage, Coastal States failed to remit mortgage loan payoffs to the lenders, concealing the misappropriation with false financial reports.
The scam resulted in a staggering loss of $18,735,903.77 for the two lenders. Mansell’s scheme was uncovered through the diligent work of the Federal Housing Finance Agency’s Office of the Inspector General and Florida’s Office of Financial Regulation.
U.S. District Judge Robin S. Rosenbaum handed down the sentence, following Mansell’s guilty plea to conspiracy to commit wire fraud. Assistant U.S. Attorney Thomas P. Lanigan led the prosecution of the case.
Wifredo A. Ferrer, U.S. Attorney for the Southern District of Florida, commended the investigative efforts of the agencies involved. Drew J. Breakspear, Commissioner of the Florida Office of Financial Regulation, also praised the work of the investigators.
The case serves as a stark reminder of the importance of accountability in the financial industry. As the investigation revealed, a lack of oversight can lead to devastating consequences. The people of Florida can rest assured that their government will continue to crack down on financial crimes.
Related court documents and information can 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.
RELATED: Edward Yoder Jailed for Hiding $350K in Bankruptcy Scam
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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