3 Sentenced for Scam Involving Inflated Purchase Prices

Allison Tussey —  February 29, 2012 — Leave a comment

Oscar Bravo, 58, Port St. Lucie, Florida, Jorge Bravo, 57, Miami, Florida, and Sean Dickens, 44, West Melbourne, Florida, were sentenced on February 27, 2012, in U.S. District Court by Judge K. Michael Moore for their roles in a $9 million mortgage fraud scheme.

Each defendant was sentenced to 37 months in prison on charges of conspiracy to commit mail and wire fraud.

According to the charges, a co-conspirator, charged in a separate indictment, located residential properties for sale.  Defendants Oscar Bravo, Jorge Bravo, and Sean Dickens agreed to purchase the properties, with the goal of refurbishing and reselling them at a profit.  The properties were 100% lender financed.  The price of the properties was falsely inflated in their mortgage applications with the difference between the actual price and the inflated mortgage loan used to make payments on the mortgage loan and to pay for repairs to the properties

In total, this mortgage scheme involved approximately $9 million in fraudulent mortgage loans.

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, announced the sentences.

Mr. Ferrer commended the investigative efforts of the FBI.  The case is being prosecuted by Assistant U.S. Attorney Kerry S. Baron.

Be Sociable, Share!

Allison Tussey

Posts Google+

No Comments

Be the first to start the conversation.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong> 

*