Over four years in prison
Alex Gambini, former owner of First Advantage Financial Services in Pennsylvania has been sentenced to over four years in prison for participating in a scheme to fraudulently inflate mortgages during 1999-2002 by the U.S. Attorney’s Office for the Middle District of Pennsylvania, according to the Federal Bureau of Investigation.
Previously, Gambini pleaded guilty to aiding and abetting mail fraud and was indicted by a federal grand jury in October 2008. Court document show the scheme was set up wherein employees and employees of First Advantage Financial used false appraisals, false W-2 forms, and false employment records to qualify mortgage applicants for “inflated” loans to between ten and 50 victims, many of whom have defaulted.
Gambini agreed to pay restitution for losses connected to his fraudulent conduct and ruling on the restitution amoount has been deferred for 90 days.
Guillermo Laureiro, Benjamin Haughney, and Richard Woods are awaiting sentencing in connection with this fraud scheme as which is said to have amounted to between $1 million and $2.5 million.