RI Attorney & Loan Officer Sentenced in Mortgage Fraud Scheme

PROVIDENCE, RI – The chickens have come home to roost for a pair of Rhode Island schemers who preyed on the housing market. Former Real Estate Attorney Louis Marandola, 42, of Providence, and Brian R. McCaffrey, 38, of Warwick, a former licensed loan originator, have been sentenced to federal prison for their roles in a multi-year mortgage fraud and identity theft operation. The pair systematically defrauded financial institutions and unsuspecting individuals, lining their pockets with ill-gotten gains.

On Thursday, Marandola received a 48-month federal prison sentence, to be followed by 3 years of supervised release. He previously pleaded guilty on January 13, 2017, to conspiracy to commit bank fraud and the serious charge of aggravated identity theft. McCaffrey wasn’t far behind, receiving 18 months in federal prison and 3 years of supervised release after pleading guilty on January 27, 2017, to conspiracy to commit bank fraud and bank fraud itself.

U.S. District Court Judge John J. McConnell, Jr. handed down the sentences, a result of a collaborative investigation led by Acting United States Attorney Stephen G. Dambruch, Christina D. Scaringi of HUD-OIG, Brian Deck of the U.S. Secret Service (Providence Office), and Rhode Island State Police Superintendent Colonel Ann C. Assumpico. This wasn’t a solo operation; the investigation peeled back layers of deceit and implicated multiple players.

The scheme, operating between 2007 and 2014, involved submitting fraudulent loan applications with falsified documentation to secure mortgages for prospective homebuyers. The defendants weren’t just interested in legitimate fees; they actively sought to profit from selling properties in which they held ownership, regardless of the damage inflicted on the financial system and individual buyers. In some cases, they misrepresented information on HUD forms, fraudulently obtaining thousands of dollars. Two co-defendants, Raffaele M. Marziale, 41, of Bristol, and Edwin Rodriguez, 35, of Pawtucket, await sentencing for their involvement, having previously pleaded guilty to similar charges, including aggravated identity theft and, in Rodriguez’s case, witness tampering.

The operation was meticulously concealed, with the defendants operating under a web of shell entities and using stolen identities to further the fraud and obscure their connections to the transactions. Gina Ronci Mohamed, 46, of Lincoln, received two years of probation after pleading guilty to making a false statement to HUD, and Lauren Sienko, 35, of Rehoboth, Mass., also received two years probation for the same offense. These sentences, while lighter, demonstrate the breadth of the conspiracy and the number of individuals complicit in the scheme.

Assistant U.S. Attorneys Sandra R. Hebert and William J. Ferland are prosecuting the case, ensuring that those who exploit the housing market for personal gain face the consequences. The investigation serves as a stark reminder that mortgage fraud isn’t a victimless crime – it undermines the financial stability of communities and leaves a trail of broken dreams in its wake. For media inquiries, contact Jim Martin at (401) 709-5357 or USARI.Media@usdoj.gov. Follow the U.S. Attorney’s Office for the District of Rhode Island on Twitter @USAO_RI.

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