Former Pastor Convicted of Mortgage Fraud

Rachel Dollar —  June 29, 2016 — Leave a comment

Nelson Cristiano Machado, Jr. 50, Bradenton, Florida, was found guilty of three counts of wire fraud by a federal jury. He faces a maximum penalty of 30 years in federal prison on each count. His sentencing hearing is scheduled for September 26, 2016.

According to evidence presented at trial, Machado knowingly participated in a scheme to defraud mortgage lenders.  He entered into a sale contract for the purchase of two residences in Cape Coral, Florida, one for $509,900, and another for $249,900.  In his loan applications, Machado falsely represented his employment, the balance of his bank account, and that each of the homes would be his primary residence. He also failed to disclose to his second mortgage lender that he had already obtained a first mortgage in the amount of $343,000 and second mortgage in the amount of $147,000. Machado also failed to disclose the purchase of another residence located in Fort Myers, Florida for which he had obtained a mortgage in the amount of $189,050.  Relying upon Machado’s false representations, the mortgage lenders approved his loan applications and wired the funds to the designated title agencies for closing.

According to an article in the Bradenton Herald, Machado preached the Portuguese service at the First Assembly of God Church in Bradenton a few nights a week in 2009-2010 before moving to Brazil.

The verdict was announced by United States Attorney A. Lee Bentley, III. The case was investigated by the Federal Bureau of Investigation and the Florida Department of Law Enforcement. It is being prosecuted by Assistant United States Attorney Yolande G. Viacava.

Rachel Dollar

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