Man Sentenced in Mortgage Fraud Closing Scheme

admin —  December 23, 2009 — 1 Comment

Stephen Lalonde, 43, Ft. Lauderdale, Florida was sentenced in connection with a mortgage fraud closing scheme that resulted in the theft of more than $1.3 million in loan proceeds.

As previously reported on Mortgage Fraud Blog, according to the Criminal Information and statements made in open court during the plea, Lalonde stole more than $1.3 million at real estate closings as part of a scheme to defraud legitimate borrowers, lenders, and a title insurance company in connection with six real estate closings. The closings were held at Spectrum Title, Inc., in Oakland Park, Florida. The legitimate borrowers in these transactions sought to re-finance and payoff existing mortgages. Unbeknownst to the borrowers, however, Lalonde kept the loan proceeds for himself and did not use the funds to payoff the borrowers’ pre-existing loans. He was charged with mail fraud and making false statements.

In addition to the 60-month sentence, the defendant was ordered to pay restitution in the amount of $1,897,268.05 to the victims in this case, which included Stewart Title Guaranty Corporation, the underwriting company that ultimately suffered substantial losses.

Mr. Sloman commended the investigative efforts of the U.S. Postal Inspection Service and the State of Florida Office of Financial Regulation. This case is being prosecuted by Assistant U.S. Attorneys Jeffrey Kay and Laurie E. Rucoba.

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One response to Man Sentenced in Mortgage Fraud Closing Scheme

  1. Case Summary
    Broward County Case Number: 10015462CF10A State Reporting Number: 062010CF015462A88810
    Court Type: FELONY Case Type: FELONY
    Incident Date: 04/08/2008 Filing Date: 08/26/2010
    Court Location: BROWARD COUNTY CENTRAL COURTHOUSE Case Status: OPEN
    HELP

    Case Parties
    Relationship Last Name First Name Middle Name Party Type Sex Race D.O.B. D.O.D. ID Type ID Number
    001 LALONDE STEPHEN DANIEL DEF M W 08/15/1966 BCCN 0753933
    001 NEGRON FRANK PD BARID 000000780677
    TOWBIN-SINGER M JUDGE JUDGE FA

    Key Dates – Future Scheduled Events
    Event Date Event Description Room Time Presider Division Count
    01/20/2011 CALENDAR CALL 6750 0830 M TOWBIN-SINGER FA OPN

    Counts
    Select Count Count Status Statute Statute Description Filed On Filed By
    001 OPEN FXAD8170344A3 ORGANIZED FRAUD 08/26/2010 BROWARD SHERIFF OFFICE
    002 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    003 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    004 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    005 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    006 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    007 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    008 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    009 OPEN FXXD8120142AA GRAND THEFT IN THE 1ST DEGREE 08/26/2010 BROWARD SHERIFF OFFICE
    010 OPEN FXXD8120142BB GRAND THEFT OF THE 2ND DEGREE 08/26/2010 BROWARD SHERIFF OFFICE

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