Linda Irene Rovetto, 69, of Lake County, Fla., pleaded guilty in connection with a mortgage fraud scheme, according to the U.S. attorney for the Southern District of Florida.
Rovetto and three others were indicted on bank fraud, conspiracy and related mortgage fraud charges in 2010. Rovetto, through her company Florida Lakes Title & Closing, along with various co-defendants, were diverting escrowed mortgaged funds from real estate closings, according to the charges.
They diverted escrow funds to Raviworld New Homes Inc., a company managed by codefendant Bhaardwaj Seecharan, according to the U.S. Attorney’s Office.
Rovetto pleaded guilty to converting and misdirecting more than $3.5 million of real estate escrow funds. Seecharan pleaded guilty to the same charges earlier this month.
Sentencing for both has been scheduled for Aug. 20.