Andrew F. Vulpis, 30, Gibsonton, Florida, was sentenced by U.S. District Judge Steven D. Merryday to 30 months in federal prison for conspiracy to commit bank fraud. As part of his sentence, the court also entered a money judgment in the amount of $1,245,145.26, the proceeds of the charged criminal conduct. Vulpis forfeited a 2007 Volvo S40-5 sedan as a substitute asset in partial satisfaction of the money judgment.
Vulpis pleaded guilty on November 4, 2011.
According to court documents, from May 2007 through December 2007, Vulpis, who was then employed as a loan officer of Wachovia Bank, Tampa, Florida, played a role in 12 residential real estate transactions in Hillsborough and Pasco Counties, Florida. All of the transactions involved fraud.
With respect to 11 of the real estate transactions, Vulpis, in his capacity as an officer of Wachovia Bank, caused the submission of false and fraudulent loan applications to Wachovia Bank. Specifically, Vulpis knew that the income of the applicants stated on all 11 loan applications was materially inflated. As to 10 of these real estate transactions, he knew that the applicants failed to qualify for the particular Wachovia Bank loan program.
In four instances, Vulpis caused the disbursement of loan proceeds to his co-conspirator, who was the seller of the subject properties.
In one of the real estate transactions, which took place on December 28, 2007, Vulpis purchased a residential property owned by a co-conspirator – residence located at 7326 Sheffield Road, Tampa, Florida 33615. The sales price was $200,000, and Vulpis applied for a $180,000 mortgage loan from the Bank of America.
In the loan application, Vulpis falsely inflated his income and assets, as well as the amount of money that he would contribute toward the down payment. A co-conspirator provided Vulpis with the money for the down payment, but neither Vulpis nor the co-conspirator disclosed to the Bank of America, a FDIC-insured institution, the fact that the co-conspirator was the source of the down payment.
Co-conspirator Sang Min Kim pleaded guilty on June 15, 2010 and was sentenced to 41 months imprisonment. Another co-conspirator, Francisco Acevedo, Jr., pleaded guilty for his role on September 9, 2011, and is awaiting sentencing.
U.S. Attorney Robert E. O’Neill announced the sentence.
This case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Rachelle DesVaux Bedke.