Loading ...South Florida Mortgage Fraud Charges Increasing
The Tampa Bay area isn’t the only part of Florida seeing an explosion in the number of mortgage fraud cases filed. Since September 2007, when federal and state authorities launched a mortgage fraud intiative in South Florida, 218 people have been charged in Miami-Dade, Broward and Palm Beach Counties.
You may recall that, here in the Tampa Bay area, the U.S. Attorney’s Office has announced a similar initiative this spring.
Currently, over on the east coast of South Florida, forty-one people face charges related to $40 million in bogus loans. Those defendants are charged in six separate federal criminal cases and involve purchasers, mortgage brokers, real estate agents and lawyers.
Florida is among the top five states in mortgage fraud. Common mortgage fraud methods resulting in charges include the use of false documents to secure a mortgage and payments to “straw borrowers” who pose as purchasers to secure a loan.
The actual criminal charges faced by mortage fraud defendants are usually wire fraud, mail fraud and bank fraud. Wire fraud and mail fraud convictions can result in maximum prison sentences of 20 years. A bank fraud conviction can bring up to a 30 year sentence.
Due to Florida’s unique position in the now-busted housing boom earlier this decade, expect to see more and more mortgage fraud investigations and charges in the years to come. Because these cases are generally filed in federal court, any person who might be the target of such an investigation would be well-served to retain the services of an experienced Tampa Bay area federal criminal defense attorney as soon as possible.
Also See:
Tampa Federal Prosecutor Plans More Mortgage Fraud Cases
Expect More Prosecutions in Tampa as Federal Mortgage Fraud Bill Passes Congress
Real Estate Boom Causes Mortgage Fraud Boom in FL