Nelson Cristiano Machado, Jr., Mortgage Fraud, Florida 2016

Bradenton Pastor Convicted of Mortgage Fraud

A federal jury has found Nelson Cristiano Machado, Jr., a 50-year-old Bradenton pastor, guilty of three counts of wire fraud. The conviction is a devastating blow to the community, where Machado was once a respected leader.

The crime, which occurred in Cape Coral, involved Machado knowingly participating in a scheme to defraud mortgage lenders. He entered into a sale contract for the purchase of two residences, one for $509,900 and another for $249,900. In his loan applications, Machado falsely represented his employment, the balance of his bank account, and that each of the homes would be his primary residence.

Machado also failed to disclose to his second mortgage lender that he had already obtained a first mortgage in the amount of $343,000 and second mortgage in the amount of $147,000. Furthermore, he failed to disclose the purchase of another residence located in Fort Myers for which he had obtained a mortgage in the amount of $189,050. Relying upon Machado’s false representations, the mortgage lenders approved his loan applications and wired the funds to the designated title agencies for closing.

The investigation, which was conducted by the Federal Bureau of Investigation and the Florida Department of Law Enforcement, revealed a complex web of deceit and corruption. Assistant United States Attorney Yolande G. Viacava is prosecuting the case, which has significant implications for the mortgage industry.

Machado faces a maximum penalty of 30 years in federal prison on each count. His sentencing hearing is scheduled for September 26, 2016. The community is left to wonder how a respected leader could engage in such reprehensible behavior, and the case serves as a reminder of the importance of accountability in our society.

The case highlights the need for greater oversight and regulation in the mortgage industry, as well as the importance of vigilant law enforcement. As the investigation and prosecution continue, it is clear that Machado’s actions have had far-reaching consequences, not only for himself but also for the community he once served.

The people of Bradenton and the surrounding area are left to pick up the pieces and rebuild trust in their leaders. The conviction of Nelson Cristiano Machado, Jr., serves as a reminder that no one is above the law, and that those who engage in corrupt behavior will be held accountable.

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