Craig Hudson, William Bolton and David Barile were all sentenced to prison for their roles in a mortgage fraud scam that involved more than 50 fraudulent mortgages totaling $8.8 million.
Hudson was sentenced to five years, Bolton received four years, and Barile was sentenced to 18 months, according to media reports.
As previously reported by Mortgage Fraud Blog, the defendants were part of a group that prepared and submitted fraudulent residential mortgage loan applications and associated documents to residential mortgage loan lenders. Ultimately, the lenders approved the residential loan applications and funded mortgage loan applications totaling approximately $8.8 million. Many of the fraudulent loans involved were the personal loans of the defendants. Of the 33 properties involved, 22 were the subject of foreclosure proceedings which resulted in over $4.2 million in final judgments.
The mortgage fraud scheme spanned seven counties and centered around First Mutual Mortgage, a Tampa, Florida-based mortgage company formed by co-defendant David Barile. Craig Hudson was identified as the former office manager and mortgage broker of First Mutual Mortgage while his wife Lynne was identified as the former director of marketing for Suncoast Title of Tampa. Eric Rivero was identified as a former employee and loan officer of First Mutual Mortgage.