Samir Nel Cabrera, 31, Fort Meyers, Florida, a real estate agent, was indicted on charges that he devised a scheme to defraud, to obtain money, and to deprive persons and entities of the intangible right of honest services. According to media reports, Cabrera was found guilty on 11 counts and faces 190 years in prison.
The Indictment charges that the defendant perpetrated an investment fraud involving undisclosed transfers, or flips, of real property and same-day closings. As previously reported by Mortgage Fraud Blog, a Florida limited liability company controlled by Samir Cabrera, STR & Associates, LLC, purchased two parcels of undeveloped real property and then flipped the properties on the same days to real estate investment limited liability companies controlled by Cabrera and funded by investors. The flipped properties were: 13701 Fiddlesticks Blvd, Fort Meyers, Florida and 13800 Fiddlesticks Blvd, Fort Meyers, Florida. The LLC’s involved were: Samir Cabrera, 13701 Fiddlesticks Blvd, LLC, and Samir Cabrera, 13800 Fiddlesticks Blvd, LLC. According to the Indictment, gains created by the flips were $900,000 and $1.9 million, almost all of which Cabrera misappropriated from the investment funds of investors in these real estate investment limited liability companies.
The Indictment charges that Cabrera converted these funds to his own use and the use of others. The Indictment also charges that Cabrera embezzled additional funds from one of the companies in the amount of $20,100.00. He is charged with executing the scheme to defraud by causing persons or entities to send wire transfers of money to a Fort Myers bank account under his control.
If convicted, he faces a maximum term of imprisonment of 20 years, a maximum fine of $250,000, a term of supervised release of 3 years on each of four counts. He would also be ordered to pay restitution to victims of the offenses and forfeit any property constituting or derived from proceeds obtained as a result of the offense.