Hector L. Rivera, Ocala, Florida, has been convicted for racketeering in relation to a mortgage fraud scheme.
The conviction resulted from a plea agreement with the State Attorney’s Office. Rivera was sentenced to eight years in prison and ordered he pay restitution of $100,000 to lender Taylor, Bean & Whittaker and $100,000 to the Attorneys Title Insurance Fund.
The investigation leading to Rivera’s conviction began with the Ocala, Florida, Police Department and the State Attorney’s Office in Marion County, Florida. The State Attorney’s Office received numerous consumer complaints from the Ocala Police Department alleging that Rivera was involved in identify theft related to mortgages. The Office of Financial Regulations assistance was requested, resulting in the identification of a significant mortgage fraud scheme. The Office of Financial Regulation investigation revealed that Rivera misrepresented himself as a mortgage broker and branch manager of Windsor Capital, a correspondent lender in Ocala, Florida. The investigation also revealed that Rivera established an unauthorized “Windsor Capital” bank account which he used to divert loan proceeds to himself from victims of the scheme. In addition, the Office of Financial Regulation records show that Rivera has never been registered as a mortgage broker in Florida. His background includes numerous arrests and convictions for fraud, ID theft and other felony violations.
Brad King, State Attorney for the Florida Fifth Circuit, and Commissioner J. Thomas Cardwell of the Office of Financial Regulation, made the announcement.