Former mortgage broker gets 23 years for homeowner fraud
A former mortgage broker who defrauded a vulnerable adult and another woman from Duluth — as well as other homeowners around the state — of the equity in their homes was sentenced Thursday to 23 years in prison. Michael Fiorito, 41, of Prior Lake, Minn., was convicted by a federal jury last May of one count of conspiracy to commit mail fraud and six counts of mail fraud. According to court documents and evidence presented at trial, Fiorito was a mortgage broker at three Minnesota mortgage companies between 2004 and 2007. During that time, he worked with his assistant, Kristin Louise Jerde, to devise a scheme to defraud homeowners who were in foreclosure or behind on their mortgage payments.