Authorities continue to file mortgage fraud charges in Miami; small-time investors not immune to criminal prosecution

A 59-year-old man is facing mortgage fraud charges in Miami for allegedly providing false information on loan applications, the South Florida Times reports.

Our Miami criminal defense lawyers continue to report on the large number of fraud charges being pursued by state and federal authorities. We believe those facing charges deserve immediate access to an experienced and aggressive law firm that possesses the knowledge and experience necessary to fight such charges.

Having lost billions through lax lending processes (which led to ever-increasing bonuses), the banks are now screaming for criminal charges. In this case, the defendant is accused of providing false information on loan applications to purchase five properties in Brevard, Orange and Miami-Dade. The total value of the properties was in excess of $ 1million.

In 2008, all of the properties were foreclosed upon and the defendant filed for bankruptcy. While many of these cases have snared criminal enterprises responsible for millions in mortgage fraud, this case illustrates that even modest investors who lost everything in the real estate downturn are not immune to prosecution.

The South Florida Business Journal reports he has been charged with five counts of mortgage fraud, one count of grand theft and one count of scheme to defraud.

Authorities also allege he received $95,000 in payments via wire transfer from closing agents.