Kimberly S. Daise, Miami, Florida, an attorney, has been sentenced to 33 months in prison, to be followed by supervised release for a term of 5 years, for her role in a mortgage fraud conspiracy. Daise was also ordered to pay restitution in the amount of $1,851,500.00.
As previously reported by Mortgage Fraud Blog, pled guilty on January 11, 2012, in connection with a mortgage fraud scheme relating to a property in the Versailles development in Wellington, Florida.
Daise submitted false documentation to mortgage lenders substantially inflating the purchase price of the properties. As part of the conspiracy, two sets of HUD-1 Settlement Statements were prepared. One form, listing the real price, was provided to the seller. Another form, 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 defendant and her co-conspirators, or was made to appear as profits to the sellers. The fraudulent loan proceeds were ultimately used for the benefit of the defendant and her co-conspirators.
More specifically, Daise was involved in a mortgage fraud scheme that generated more than $3.2 million in mortgage loans and approximately $500,000 in fraudulent loan proceeds involving a properties located at 10543 Versailles Blvd., Wellington, Florida and 10727 Versailles Blvd., Wellington, Florida. The defendant pled guilty to count one, conspiracy to commit fraud on a financial institution and wire fraud, in violation of Title 18, United States Code, Section 1349.