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Commit multi-billion dollar fraud...well, you know the 'consequences'. (Not that these little turds shouldn't see some hard time)
South Florida Sun-Sentinel.com
Miami mother, son sentenced in mortgage fraud case
Pair cost banks $7 million to $20 million, investigators say
By Diane C. Lade, Sun Sentinel
6:31 PM EDT, May 5, 2010
A Miami man who owned a mortgage company and his mother, who worked as his loan processor, plead guilty to conspiracy to commit bank fraud and were sentenced to prison Tuesday, according to the U.S. Attorney's Office in the Southern District of Florida.
Michael Ramos, 30, owner of Go Expert Mortgage and Go Expert Real Estate, was sentenced to slightly over 5 years and Paula Ramos, 52, to slightly over 4 years. Federal officials and Miami-Dade police, part of a mortgage fraud task force investigating the case, said the pair's actions cost multiple banks and financial institutions a total of $7 million to $20 million.
The Ramoses were among the nine people indicted in September for a multimillion-dollar mortgage scheme that also involved an attorney, a real estate appraiser and straw buyers. Some were family members.
Investigators said Michael Ramos, a mortgage broker, verified to lenders that fraudulent mortgage applications for properties in Miami and Miami Beach were accurate, and that his mother participated in the deception.
Seven additional Miami residents were charged in a separate mortgage fraud case Wednesday, with federal and police investigators alleging they ran a scheme that left Countrywide Home Loans, Fremont Investments & Loan, WMC Mortgage and others with $5 million in fraudulent loans. Three of those involved worked for Infinity Mortgage Solutions in Miami.
http://www.sun-sentinel.com/business...,6063925.story
South Florida Sun-Sentinel.com
Miami mother, son sentenced in mortgage fraud case
Pair cost banks $7 million to $20 million, investigators say
By Diane C. Lade, Sun Sentinel
6:31 PM EDT, May 5, 2010
A Miami man who owned a mortgage company and his mother, who worked as his loan processor, plead guilty to conspiracy to commit bank fraud and were sentenced to prison Tuesday, according to the U.S. Attorney's Office in the Southern District of Florida.
Michael Ramos, 30, owner of Go Expert Mortgage and Go Expert Real Estate, was sentenced to slightly over 5 years and Paula Ramos, 52, to slightly over 4 years. Federal officials and Miami-Dade police, part of a mortgage fraud task force investigating the case, said the pair's actions cost multiple banks and financial institutions a total of $7 million to $20 million.
The Ramoses were among the nine people indicted in September for a multimillion-dollar mortgage scheme that also involved an attorney, a real estate appraiser and straw buyers. Some were family members.
Investigators said Michael Ramos, a mortgage broker, verified to lenders that fraudulent mortgage applications for properties in Miami and Miami Beach were accurate, and that his mother participated in the deception.
Seven additional Miami residents were charged in a separate mortgage fraud case Wednesday, with federal and police investigators alleging they ran a scheme that left Countrywide Home Loans, Fremont Investments & Loan, WMC Mortgage and others with $5 million in fraudulent loans. Three of those involved worked for Infinity Mortgage Solutions in Miami.
http://www.sun-sentinel.com/business...,6063925.story
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