Mortgage Fraud Blog - Guilty Plea In $6M Mortgage Fraud Case

Guilty Plea In $6M Mortgage Fraud Case

Luis Uribe, 28, Tampa, Florida, pleaded guilty to one count of wire fraud and one count of aggravated identity theft. The maximum penalty Uribe faces is thirty years’ imprisonment and a $1million fine.

According to the plea agreement and court documents, from July 2006 through September 2007, Uribe committed wire fraud and aggravated identity theft. Uribe was a licensed mortgage broker in Florida and was able to originate mortgage loans. Uribe and others fraudulently submitted mortgage applications under false pretenses, obtaining and disbursing the proceeds of those loans, including directing portions of the proceeds to bank accounts in their control.

Uribe was one of the principals behind Bay General Contracting Services, LLC . Bay General was not a licensed contracting service in the State of Florida. On at least twenty separate real estate closings, monies were fraudulently disbursed to Bay General. Numerous Notices of Commencement were filed with the Clerks of Hillsborough, Pinellas, Pasco, and Citrus counties, Florida, but no construction work was actually done. Despite the monies transferred and Notices of Commencement, Bay General did not have a single employee nor was there a single instance in which Bay General or anyone employed by Bay General actually performed any of the work related to the Notices. In reality, Uribe and others used Bay General to serve as a vehicle to improperly inflate the value of the properties in question, to strip actual and fraudulently created equity out of properties, and to serve as a vehicle for syphoning the proceeds from fraudulently obtained loans.

As a result of the scheme to defraud, URIBE and others caused lenders to fund more than thirty-two (32) loans for a total of more than $6 million in fraudulently obtained loans issued upon the false representations made by Uribe and others in the various loan applications and documents as well as in the providing of the false documents themselves.

Posted by on 04/08/08 at 04:12 AM

Some Sources require Registration.

Boca Firm Audited After Scam
Palm Beach Post - FL
Florida's largest title insurer launched an audit last week of a Boca Raton title agency's transactions. Fortune Title Services LLC closed a number of deals now at the heart of an alleged mortgage fraud scheme that has generated multiple federal indictments.

On The Myth Of Walking Away
Housing Wire - USA
And in terms of investor-owned properties, it’s likely tough to ascertain just how many really are out there. We know that 20 percent of mortgage fraud — and there is plenty of it out there, as HW readers know — involved so-called "occupancy fraud."

Mortgage Delinquency On The Rise
CNNMoney.com - USA
Of the top 10 markets with the highest risk of delinquency, eight are in California and two are in Florida. Previously, markets in states like Michigan and Ohio, where the labor market has been weak, dominated the list of most delinquency-prone markets.

Report: About Half Of Cleveland's Subprime Loans Ended In Foreclosure
WTTE - Columbus, OH
The Cleveland Plain dealer is reporting that about half of the city's subprime mortgage loans written by top lenders in 2005 ended in foreclosure filings.

House Stealing on the Rise in the Midlands
WIS - Columbia, SC
Stealing someone else's house -- it may sound impossible, but it's happening around the country.

Prosecutors Say Real Estate Fraud Was Motive In San Ramon Murder
Inside Bay Area - Oakland, CA
Prosecutors charged an El Sobrante man today in connection with the murder of a San Ramon man that appears to have stemmed from an alleged real estate fraud involving a piece of property in North Richmond.

Local Family Wins Sweepstakes, Has Mortgage Paid Off
KSDK - St. Louis, MO
A St. Clair family no longer has to worry about paying a mortgage after winning a contest promising a free home mortgage..."I thought it was a scam that this wasn't real...no way this could happen to us," Michno said.

Scam Artists Move In As Foreclosure Crisis Builds In Salinas
Monterey County Herald - Monterey, CA
Hernandez told them it would better to stop paying their mortgage because they were going to lose the house anyway. He then offered his services to help them sell the property, and had paperwork ready for the couple to sign.

Fraud Alert Issued After Mortgage Files Dumped
Denver Post - Denver, CO
Consumers who did business with Cove Creek Mortgage Co. could become victims of identity theft after company files were thrown into a Dumpster over the weekend, officials warned.

Mortgage-Fraud Bill Heading To Crist
Bradenton Herald - FL
In the wake of Florida's real estate downturn and rapid rise in foreclosures, the state Senate passed a second bill in as many years Tuesday increasing the penalties for those convicted of mortgage fraud.

Dollar in the News

Quick Links

Categories

Monthly Archives

Syndicate

Recent Posts

Post a Comment

Guilty Plea In $6M Mortgage Fraud Case

Fraud Angels

ORDER NOW!!

Today's News

What's Your Opinion?