Lending Real Estate

Florida pastor found guilty of mortgage fraud

Facing maximum sentence of 90 years in jail

Prison jail bars

A Florida pastor is facing as much as 90 years in prison after being convicted of defrauding multiple mortgage lenders, the U.S. Attorney’s Office for the Middle District of Florida announced Monday.

According to evidence presented in court, Nelson Cristiano Machado, Jr. “knowingly participated” in a scheme to defraud mortgage lenders by lying about his personal information in order to obtain multiple mortgages.

In a release, the U.S. Attorney’s Office said that Machado, 50, entered into a sale contract for the purchase of two residences in Cape Coral, Florida – one for $509,900, and another for $249,900.

But on his loan applications, Machado “falsely represented” his employment, the balance of his bank account, and falsely declared that each of the homes would be his primary residence, the U.S. Attorney’s Office said.

Additionally, Machado also “failed to disclose to his second mortgage lender that he had already obtained a first mortgage in the amount of $343,000 and second mortgage in the amount of $147,000,” the U.S. Attorney’s Office added.

According to evidence presented in court,Machado also failed to disclose the purchase of another residence located in Fort Myers, Florida, on which he also obtained a mortgage in the amount of $189,050. 

Due to Machado’s false representations, the unnamed mortgage lenders approved his loan applications and wired the funds to the designated title agencies for closing.

And as a result of his crimes, a federal jury found Machado guilty of three counts of wire fraud. He faces a maximum penalty of 30 years in federal prison on each count.

Machado’s sentencing hearing is scheduled for Sept. 26, 2016.

Reprints

Services Guide

Comments powered by Disqus