Mortgage executive gets five years for defrauding Fannie, Freddie
A federal judge sentenced Patrick Mansell, 68, of Boca Raton, Fla., to five years in prison and three years subsequent supervised release after he pled guilty to conspiracy to commit wire fraud. His alleged violation occurred when Mansell took part in a scheme to defraud the government-sponsored enterprises, Fannie Mae and Freddie Mac.
The U.S. Attorney for the Southern District of Florida announced the sentencing after investigating the case with the help of FHFA’s Acting Inspector General and the Florida Office of Financial Regulation.
The information filed, says Mansell served as vice president of Coastal States Mortgage Corp. in Florida from 2007 onward. He is accused of failing to remit mortgage loan payoffs to Fannie Mae and Freddie Mac after receiving them from borrowers. Coastal's remittance efforts were required under contract.
A failure to remit the funds led to the GSEs’ losing a total of $18.7 million, the U.S. Attorney’s Office claims.