Two women facing decades in prison after being convicted in Miami mortgage fraud case

A jury has found two women guilty of mortgage fraud in Miami, according to the U.S. District Attorney’s Office for the Southern District of Florida.

The defendants, ages 36 and 51, were found guilty of conspiracy to commit mail and wire fraud. Our Miami federal defense attorneys continue to report on the large number of mortgage, real estate fraud, bank fraud and investment fraud cases that are being prosecuted in the wake of the collapsing real estate market and the economic recession. Increasingly, defendants are facing conspiracy and fraud charges in federal court, which always requires the skills and experience of an aggressive defense firm.

The South Florida Business Journal reports that the women were among 41 people charged in six mortgage fraud cases in July 2009.

In this case, the government alleges $21 million in fraudulent loans were obtained. One of the defendants worked for a mortgage lending company. The owner of the company was sentenced to 120 months in prison in January 2009.

The defendants are accused of submitting false HUD-Settlement Statement Forms, which inflated the true purchase price of various properties. One of the defendants acted as a straw buyer on at least three loans totaling more than a million dollars. The government also alleged that the loan applications included false employment information, pay stubs, income and funds of deposit.

The defendants face up to 20 years in prison along with mandatory fines and restitution. Sentencing is scheduled for Oct. 22. The case was investigated by the Federal-State Mortgage Fraud Strike Force, the U.S. Postal Service and the State of Florida Office of Financial Regulation.