Jose Arnaldo Rosario
On July 1, 2011, Rosario pled guilty to a one count Criminal Information, charging him with conspiracy to commit money laundering and wire fraud, in violation of Title 18, United States Code, Section 371. According to the Information and statements made during the plea hearing, from at least November 2005 to January 1, 2007, Rosario and his coconspirators purchased two units at 1331 Brickell Bay Drive, Miami-Dade County, Florida, using bank loans they obtained through fraud, including the submission of false financial information, inflated property values, and straw buyers, among other misrepresentations.
According to court documents, Rosario and his coconspirators used the mortgage loan proceeds to purchase the properties, using little or no money of their own. Thereafter, the defendants distributed among themselves the difference between the inflated property value and the true value of the property. For about one year, to further the scheme and avoid detection, Rosario made monthly payments on the loan. Ultimately, Rosario stopped making payments and allowed the properties to go into foreclosure. At his plea hearing, Rosario acknowledged that the loss resulting from his actions was approximately $2.51 million.
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, Jose A. Gonzalez, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division (IRS-CID), and Michael K. Fithen, Special Agent in Charge, United States Secret Service, Miami Field Office, announced the sentencing.
Mr. Ferrer commended the investigative efforts of the Internal Revenue Service, Criminal Investigation Division and the Secret Service. This case is being prosecuted by Assistant U.S. Attorney Jerrob Duffy.
, Miami-Dade County, Florida, was sentenced by U.S. District Judge Jose A. Martinez to 46 months in prison, to be followed by 3 years of supervised release, for his role in a mortgage fraud conspiracy.