A Florida real estate agent faces jail time after admitting he played a role in a multimillion-dollar mortgage scheme that shook up the Versailles development in Wellington, Fla.

David Lam, 42, is one of nine people charged in the highly publicized case.

Lam pleaded guilty this week to four counts of conspiracy to commit mail and wire fraud, as well as three counts of conspiracy to commit money laundering.

Authorities say Lam and eight other defendants fraudulently collected funds from lenders by using a straw buyer to acquire single-family, luxury homes at inflated prices within the Versailles development. The defendants gave different price points to both the lender and straw-buyer.

The U.S. Attorney’s office claims the lender was quoted a higher price point, causing it to lend excess funds that ended up in the conspirators’ hands. The fraudulent proceeds totaled $3 million.

The U.S. attorney’s office originally indicated nine Floridians, and five of Lam’s co-defendants entered guilty pleas last year.

Carl Alexander pleaded guilty to one count of conspiracy to commit mail and wire fraud on Oct. 5. In addition, attorney and title agent Carol Asbury pleaded guilty to two counts of conspiracy to commit mail and wire fraud on Sept. 9, as well as two counts of conspiracy to commit money laundering.

Patrick Brinson pleaded guilty in September to two counts of conspiracy to commit mail and wire fraud and one count of conspiracy to commit money laundering. In addition, Pamela Higgins, a mortgage broker who lived in Arizona during the scheme, pleaded guilty to one count of conspiracy to commit mail fraud, wire fraud and financial institution fraud. She also pleaded guilty to conspiracy to commit money laundering.

Victoria Wilson, 30, pleaded guilty to one count of conspiracy to commit mail and wire fraud and was sentenced in November to 24 months in prison. The court ordered Wilson to pay $1.6 million in restitution.

Write to Kerri Panchuk.

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