Things at Ocwen just went from bad to much, much worse

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news

Pending home sales surge to highest level in 18 months

Buyer demand boosts sales

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane
W S
Lending / The Ticker

New York man sentenced to 15 years for $39 million mortgage scheme

/ Print / Reprints /
| Share More
/ Text Size+

A U.S. District Court in Florida handed a New York man a 15-year sentence for his role in a massive $39 million mortgage fraud scheme that included the filing of false information on HUD Uniform Loan Applications.

The U.S. Attorney for the Southern District of Florida announced that Juan Carlos Sanchez, who is from New York, was sentenced for his role in a mortgage fraud scheme that involved seven other defendants.

Sanchez previously pleaded guilty to one count of conspiracy to commit mail and wire fraud.

The U.S. Attorney's Office says the defendants hooked in buyers to acquire condos in the Marina Oaks Condominium complex in Fort Lauderdale.

HUD Uniform Loan Applications with false information were then filed, allowing the conspirators to misrepresent the properties and the borrowers' financial data.

Proceeds from the closed loans were eventually spent by the group.

Recent Articles by HousingWire Staff

Comments powered by Disqus