Another Florida real estate agent/broker is facing years behind bars after partaking in a multimillion-dollar mortgage scam that centered around the Versailles luxury home development in Wellington, Fla, according to the U.S. Attorney for the Southern District of Florida.

Defendant Juan Carlos Rodriguez, 52, of Weston, Fla., received a 3 1/2-year sentence this week for his role in a massive scam where conspirators prepared two sets of loan documents, giving lenders papers with inflated loan amounts.

Rodriguez previously pleaded guilty to conspiracy to commit mail fraud and wire fraud and for conspiring to commit money laundering and engage in financial institution fraud.

Several other conspirators confessed to their respective roles in the scam earlier this year.

Authorities claim Rodriguez and other defendants collected funds from lenders using straw buyers to acquire properties within the Versailles development at inflated prices. Different price points were given to the lender and the straw buyer. Different forms also were provided, allowing the conspirators to collect larger payouts from their lenders using false information. 

The fraudulent proceeds totaled approximately $3 million.

kpanchuk@housingwire.com