Mother & Son Charged in Connection with Mortgage Fraud Scheme

admin —  May 5, 2010 — Leave a comment

Michael Ramos, 30, and Paula Ramos, 52, both of Miami, Florida, pled guilty to conspiracy to commit bank fraud, in violation of Title 18, United States Code, Section 1349. U.S. District Judge Ursula Ungaro sentenced Michael Ramos to 63 months’ and Paula Ramos, his mother, to 51 months’ imprisonment. Both defendants were also sentenced to a term of five years’ supervised release.

According to the factual proffer filed in the case and as previously reported on Mortgage Fraud Blog, the defendants participated in a conspiracy to obtain residential mortgage loans for properties located in Miami-Dade County, Florida. At sentencing, the defendants agreed that the loss caused by their actions, from January 2006 to June 2008, was between $7 million and $20 million to multiple banks and financial institutions.

According to the proffer , Michael Ramos was the owner of Go Expert Mortgage and Go Expert Real Estate. Michael Ramos acted as the mortgage broker on the real estate transactions charged in the Indictment. On one of these transactions, in addition to being the mortgage broker, Michael Ramos provided the money that was put down as a deposit for the loan. His mother, co-defendant Paula Ramos, was a loan processor who acted as the contact between lenders and borrowers. Paula Ramos also procured mortgage loans for residential property.

This case was investigated by the United States Attorney’s Office Mortgage Fraud Strike Force. The Mortgage Fraud Strike Force was created in 2008, and is comprised of experienced federal, state and local prosecutors, agents, and officers, dedicated exclusively to investigating and prosecuting mortgage fraud cases. To date, more than 300 mortgage fraud defendants have been prosecuted, representing approximately $350 million in fraudulent loans.

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, Michael K. Fithen, Special Agent in Charge, U.S. Secret Service, and James K. Loftus, Director, Miami-Dade Police Department made the announcement.

Mr. Ferrer commended the efforts of the Secret Service and Miami-Dade Police Department. This case is being prosecuted by Assistant U.S. Attorney Cristina Pérez Soto.

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