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

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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.

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