FEDERAL

From 2008 to 2011, Burchell, an escrow agent,
conspired with other individuals who negotiated with
the builders of new condo developments in Arizona,
California, and Florida to sell units on their behalf
in exchange for large commissions that were not
disclosed to the lenders. The defendants recruited
straw buyers and prepared loan applications with
false information to sell more than 100 units. The
enterprises have lost approximately $2.4 million
because they purchased some of the fraudulently
originated loans.
This was a joint investigation with the FBI and IRS-
Criminal Investigation (IRS-CI).
A $39 Million Florida Condo
Conspiracy, Ft. Lauderdale,
Florida
On April 9, 2013, Dayanara
Montero was sentenced to 22
months of incarceration, 3 years of
supervised release, and $1,746,567
in restitution. On April 24, 2013,
Quelyory Rigal was found guilty
of wire fraud, mail fraud, and
conspiracy to commit wire and
mail fraud. On April 29, 2013,
Sandra Campo was sentenced
to 70 months of incarceration,
5 years of supervised release, and $3,575,981 in
restitution. On May 3, 2013, Osbelia Lazardi was
sentenced to 25 months of incarceration, 3 years
of supervised release, and $912,575 in restitution.
On July 11, 2013, Marisa Perez was sentenced to
5 years of supervised release, 9 months of home
confinement with electronic monitoring, 300 hours
of community service, and $278,878 in restitution.
On September 20, 2013, Marina Superlano was
sentenced to one year and one day of incarceration,
three years of supervised release, and $278,878
Mortgage broker
sentenced to
70 months
incarceration and
$3.6 million in
restitution.
in restitution. The sentences and verdict were all
rendered by the U.S. District Court for the Southern
District of Florida.
Montero, Rigal, Campo, Lazardi, Perez, Superlano,
and others participated in condo conversion schemes
in the Florida cities of Ft. Lauderdale, Orlando, and
Tampa. Of the 165 transactions involved in their
schemes, 131 have been foreclosed and another 26
are in foreclosure. The targeted lenders have lost
$34 million of the $39 million loaned, Freddie
Mac’s exposure is $8.5 million, and Fannie Mae has
reported losses of $4.2 million.
Loan Origination Schemes
Loan or mortgage origination
schemes are the most common
type of mortgage fraud, as the
volume of cases below attests.
These schemes typically involve
misrepresentations of buyers’
income, assets, employment,
and credit profile to make them
more attractive to lenders. Bogus
Social Security numbers and fake
or altered documents, such as
W-2 forms and bank statements,
are often used. These schemes
are designed to defraud lenders
into making loans they would not otherwise make.
Perpetrators pocket origination fees or inflate home
prices and divert proceeds into personal accounts.
Unlicensed Broker Alleged to Have Originated
Fraudulent Mortgages, San Diego, California
On July 31, 2013, Shellie Lockard pled guilty to
conspiracy to commit wire and bank fraud in the
U.S. District Court for the Southern District of
California. In addition, on August 8, 2013, Donald
V. Totten was indicted for conspiracy to commit wire
22 Federal Housing Finance Agency Office of Inspector General