Geo Geovanni, 49, and Elizabeth Longerbone, 39, both of Moultrie, Georgia, have been charged today with conspiracy to commit bank fraud and four counts of bank fraud.
According to the indictment, Geovanni and Longerbone devised and executed a mortgage fraud scheme involving “The Landing,” a condominium conversion of a former apartment complex located in Altamonte Springs, Florida. The scheme involved providing the cash-to-close funds on behalf of the buyers, guarantying tenants and rental payments to the buyers, as well as paying post-closing kickbacks of mortgage proceeds to buyers and co-conspirators through entities that Geovanni and Longerbone controlled. None of the incentives or kickbacks were disclosed to the financial institutions that had approved and funded the mortgage loans.
If convicted, each faces a maximum penalty of 30 years in federal prison for each count.
An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.
This case was investigated by the Federal Housing Finance Agency – Office of Inspector General and the FBI. It will be prosecuted by Special Assistant United States Attorney Chris Poor.