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20 charged in mortgage fraud scheme, many are Realtors

$40 million mortgage fraud scheme

Twenty residents of Florida have been charged by U.S. Attorney Wifredo A. Ferrer for their alleged participation in a complex $40 million mortgage fraud scheme run between 2006 and 2008, according to court documents. The scheme involved real estate professionals at every stage of the process from Realtors to mortgage brokers, a bank manager, a title agent, and appraiser that falsified loan documents on over 200 home equity lines of credit loans in the Miami area.

Borrowers’ income, employment, assets and bank statements were falsified and millions of dollars were disbursed to the co-conspirators through the title agent. Each conspirator has been charged with conspiracy to commit bank fraud, along various mortgage charges that mean maximum sentences of 30 years of jail time per conspirator.

“Even by South Florida fraud standards, today’s prosecution is shocking,” Ferrer said in a statement. “Never before have we seen so many real estate and bank industry professionals charged in a single indictment. In addition, the defendants’ $40 million fraud spanned two years and resulted in $20 million in actual losses to the victim banks. Our commitment to stomp out mortgage fraud is unwavering.”

Miami-Dade Police Director James K. Loftus added, “Though we are pleased with the outcome of this investigation, we recognize that the indictment of this organization is only a small part of a systemic, ongoing criminal enterprise. We will remain vigilant in our pursuit of these offenders.”

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The 20 alleged co-conspirators

Named in the indictment (with Alina Rubi and Camilo Garcia allegedly the ring leaders):

  1. Camilo Garcia – mortgage broker and Realtor (brother of Alina)
  2. Dianelys Garcia – mortgage broker and Realtor (wife of Camilo)
  3. Galia Fernandez, Jr. – mortgage broker and Realtor
  4. Luis Pardo Dieguez – Realtor and mortgage employee, role unclear
  5. Jose Raul Hernandez – Realtor (unclear if related to Ivis)
  6. Jose Manuel Pardo – Realtor
  7. Juan Prieto – Realtor
  8. Alina Rubi – mortgage broker (sister of Camilo)
  9. Ivette Carreno – bank manager and loan officer
  10. Sylvia Zagales – title agent
  11. Pedro Rubi – mortgage broker
  12. Ivis R. Hernandez – mortgage broker
  13. Johny Hernandez – mortgage broker
  14. Mayra Martinez Suarez – mortgage broker
  15. Flavia Perez – mortgage broker
  16. Yovanis Obregon Jimenez – appraiser
  17. Sandra Rodriguez – acted as a buyer
  18. Laura Diaz – acted as a buyer
  19. Sheena Eizmendiz – acted as a buyer
  20. Jose Antonio Diaz – acted as a buyer

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

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