Michael Samuda, 38, Weston, Florida, an attorney indicted along with 8 others for an alleged mortgage fraud scam has been acquitted by a federal jury in West Palm Beach, Florida.
As previously reported by Mortgage Fraud Blog, Carl Alexander, 45, Parkland, Florida; Carol Asbury, 59, an attorney, Lake Worth, Florida; Patrick Brinson, 34, Miami, Florida; David Lam, 42, a real estate broker, Parkland, Florida; David Miller, 43, Miramar, Florida; Godfrey Myles, 42, former professional football player, Miami, Florida; Thomas Thelusma, 40, a firefighter, Miami, Florida; and Victoria Wilson, 30, a mortgage broker, Hollywood, Florida, were indicted for their roles in a mortgage fraud scheme relating to properties in the Versailles development in Wellington, Florida.
As alleged in all three indictments, the defendants used straw buyers to submit false documentation substantially inflating the purchase price of the properties to various mortgage lenders. As part of the conspiracy, double HUD-1 Settlement Statements were prepared. One set with the real price was provided to the seller and another set with the inflated price was provided to the lender. The difference between the real price and the inflated price was either made to appear as if it were a debt owed to business entities controlled by the defendants and their co-conspirators, or was made to appear as profits to the seller. The fraudulent loan proceeds were instead laundered through multiple accounts to conceal the source and distribution of the money and were ultimately used for the benefit of the defendants and their co-conspirators.