Being convicted of mortgage fraud can have major consequences, including jail time and large restitution payments. Last week, a Florida man who was convicted of mortgage fraud was sentenced to serve time in prison.
The case involved a 41-year-old man from Clearwater Beach, Florida. The man was a real estate investor. The man was accused of fraud in connection to some of the mortgages he received in his real estate dealings.
Allegedly, the man would submit fraudulent documentation and give false information when applying for mortgages. He allegedly did this in order to get lending institutions to give him mortgages that exceeded the value of the properties he was purchasing. He would then supposedly keep the excess money for himself. Reportedly, the man acquired millions of dollars through this mortgage fraud scheme.
The man faced charges for making false statements and wire fraud conspiracy in connection to these allegations. In August, a jury convicted him of these white collar crimes. Last Friday, a judge announced the man's sentence. The man was sentenced to serve seven years in prison.
The consequences of being convicted of mortgage fraud can be quite great. In this case, such a conviction has resulted in a man receiving a sentence which will deprive him of his freedom for several years.
Consequently, if a person is accused of mortgage fraud, having a well-constructed defense can be extremely important. This is one of the reasons why a person in this situation should consider seeking representation from a qualified criminal defense attorney.
Source: Tampa Bay Online, "Investor gets seven years for mortgage fraud," 11 Feb 2011