Patrick J. Mansell, Mortgage Fraud, Florida 2008

Patrick J. Mansell, 68, of Boca Raton, FL, Vice President of Coastal States Mortgage Corporation (Coastal), was sentenced by U.S. District Judge Robin S. Rosenbaum to the statutory maximum penalty of five years in prison, followed by three years of supervised release. Mansell pleaded guilty to conspiracy to commit wire fraud, admitting that Coastal failed to remit some of the mortgage loan payoffs it received and processed from borrowers to Fannie Mae and Freddie Mac.

According to the information, from April 2007 through November 2008, Coastal was a licensed mortgage brokerage whose primary business was the selling and servicing of mortgage loans for both Freddie Mac and Fannie Mae. Mansell and his company deliberately concealed the misappropriation of funds by submitting false financial reports and monthly mortgage payments via an interstate internet portal, misleading the lenders into believing the loans were still performing.

The scheme was uncovered through the diligent efforts of the Federal Housing Finance Agency, Office of the Inspector General, and Florida's Office of Financial Regulation. Assistant U.S. Attorney Thomas P. Lanigan prosecuted the case, securing a guilty plea from Mansell and bringing him to justice.

Ferrer commended the investigative efforts of the agencies involved, stating, "We are committed to holding accountable those who seek to exploit the financial system for personal gain." The case serves as a stark reminder of the importance of transparency and accountability in the financial industry.

Mansell's sentencing marks a significant victory for the victims of his crimes, who suffered significant financial losses as a result of his actions. As the investigation continues, the community remains vigilant, seeking justice for those who have been wronged by such egregious acts of malfeasance.

The case against Mansell is a stark reminder of the devastating consequences of mortgage fraud, which can have far-reaching impacts on individuals, families, and communities. As the nation continues to grapple with the aftermath of the housing market crisis, it is essential that we remain vigilant in our pursuit of justice and accountability.

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