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Tag Archives: mortgage fraud

Mortgage Fraud a Growing Problem in South Florida

Mortgage Fraud a Growing Problem in South Florida

Mortgage fraud is becoming a growing problem in South Florida. Law enforcement is cracking down and conducting thorough investigations around home buying. With today’s economic climate, people are more likely to commit mortgage fraud than ever. Unfortunately, innocent people get swept up in these fraudulent schemes without even realizing it. If you have been accused of committing mortgage fraud and you had no intention to do so, contact a criminal defense lawyer and you could even get your case dismissed. Palm Beach County Mortgage Fraud According to an article in the Palm Beach Post, four Palm Beach County residents and one Port Saint Lucie man were charged last week in a mortgage fraud scheme federal investigators said involved $8 million in loan proceeds and 17 homes. If they are convicted,… […]

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Mortgage Fraud Arrests Keep Piling Up in Palm Beach County

Mortgage Fraud Arrests Keep Piling Up in Palm Beach County

Federal and state task forces are working overtime in Palm Beach County. The arrests for mortgage fraud are growing and the jail cells are filling up fast. In December, Jason Vitulano was arrested for mail and wire fraud. He was charged with falsifying the salaries of loan applicants to obtain huge home mortgages and commissions. He worked for the infamous TopDot Mortgage Company in Boca Raton, which has since been shut down. Four more people were added to the indictment this week, including a Palm Beach Gardens attorney, a former Boca Raton bank vice president and a man from Jupiter. The men charged are Joseph Miller, 63, a Palm Beach Gardens attorney, Peter Hartofilis, 33, of New York, Robert Hofler, 52, a former vice president of First Southern Bank in… […]

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How to Deal with Mortgage Fraud Charges

How to Deal with Mortgage Fraud Charges

According to the Financial Times, the FBI is starting to move and begin a nationwide sweep to crack down on mortgage fraud. This investigation has been spurred in an attempt to stall the lending practice that contributed so heavily to the housing collapse. They will be arresting hundreds of people all across the country. The Financial Times reported that the FBI is specifically targeting violations that include giving false information regarding foreclosure rescue programs and encouraging borrowers to provide misleading information on mortgage applications. There are 23 Mortgage Fraud Task Forces across the country. Their job is to slash the omission or misrepresentation of materials that are becoming increasingly present on mortgage applications. This tactic allowed brokers, banks, and lenders to issue loans to borrowers who don’t even qualify with… […]

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Another Mortgage Scam Shocks Palm Beach County

Another Mortgage Scam Shocks Palm Beach County

A Boynton Beach couple, a Delray Beach man and a Miami woman were indicted in a $6 million mortgage scam yesterday. The U.S. Attorney’s Office announced the arrest of Carlos Cano, 53, of Delray Beach, Robyn L. Colon, 34, of Boynton Beach, Jose L. Colon, 52, of Boynton Beach, and Maria L. Lozada, 40, of Miami. The four are accused of defrauding three banking institutions and other lenders of more than $6 million in loans. Lozada used her company, Southeast Florida Marketing, to receive mortgage proceeds and cash rent payments derived from fraudulently acquired properties, according to the U.S. Attorney’s report. She recruited Cano and the Colons to pose as purchasers who submitted loan applications with false statements about their intent to live in the properties, their employment and assets.… […]

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Mortgage Fraud – Big Business in Palm Beach County

Mortgage fraud consists of a wide range of crimes where people deliberately misrepresent the truth or conceal facts on a mortgage application. In federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering – with penalties up to 30 years in prison. Mortgage fraud has grown dramatically over the last few years and many states have begun to enact their own penalties. The state of Florida along with cites and counties including Palm Beach County have established Mortgage Fraud Task Forces. Mortgage fraud is different from predatory mortgage lending, which occurs when a customer is misled or deceived by lenders, brokers or agents. However, these two types of crimes often go hand-in-hand. Types of Mortgage Fraud Income Fraud This is when a borrower overstates… […]

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