Real Estate Developer Pleads Guilty To Condo Conversion Fraud

Stephanie Abbott —  December 2, 2019 — 1 Comment

Marek Harrison, 56, Plant City, Florida has pleaded guilty to bank fraud.

According to the plea agreement, between September 2007 and December 2008, Harrison created and executed a mortgage fraud scheme involving Saratoga Resort Villas, a condominium conversion of a former hotel located in Kissimmee, Florida.  Harrison’s scheme to defraud financial institutions involved kickbacks of mortgage proceeds to buyers and co-conspirators, as well as misrepresentations regarding the source of down payment funds for the transactions. None of the incentives and kickbacks were disclosed to the mortgage lenders. Harrison also recruited otherwise unqualified buyers, and provided down payment money for the buyers.

Harrison faces a maximum penalty of 30 years in federal prison. A sentencing date has not yet been set.

This case was investigated by the Federal Housing Finance Agency – Office of Inspector General. It is being prosecuted by Special Assistant United States Attorney Chris Poor.


Stephanie Abbott

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One response to Real Estate Developer Pleads Guilty To Condo Conversion Fraud

  1. I think they should get to visit Atlanta for a long vacation. Not some Club
    Fed for white collar criminals.
    Fraud in buying a home is cheating people on the most expensive purchase most people ever make.
    There is never a reason to defraud anyone. Should get at least 15 years that is paid for by the prisoner. Sell his house, car, seize bank accounts. Put his family on the street, this is what he did to the ones he cheated.
    Should never be allowed to work in the finance industry again at any level. Red flag any financial company that hires him no matter if his job is sweeping the floor. The job description and what someone actually does for a company is sometimes very different.

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