Florida Man Arrested in a Multi-Million Dollar Mortgage Fraud Scheme

admin —  August 7, 2009 — Leave a comment

Jeffrey Ryan Ayers, 29, Lithia, Florida was arrested charged with racketeering, conspiracy to commit racketeering, and grand theft in connection with a multi-million dollar mortgage fraud scheme that has victimized dozens of people since 2004.

Ayers worked for Advanced Mortgage Solutions, a mortgage broker company associated with a home improvement business that persuaded customers to take out home loans. Participants in the scheme would divert money and leave homeowners with large home loans and few, if any, home improvements.

The three-year investigation began when victims filed complaints about incomplete or substandard construction work being performed by construction companies affiliated with Advanced Mortgage Solutions. Ayers and the other co-conspirators secured mortgages for these homeowners to finance the home repair projects by submitting fraudulent documents to Argent Mortgage Company, one of the nation’s largest wholesale subprime mortgage companies. Investigators followed the trail of fraudulent applications back to the organized criminal operation which submitted nearly 130 loans to Argent which were funded for approximately $13 million.

Co-conspirators Scott Almeida, Frank Giffone, Adrienne White, Bradford Peck, Constance Golder, Michael Fetterhoff, Regina Diaz, William McKinney and William Medina have all previously pleaded guilty. Almeida received a 10-year prison sentence, Peck received an eight-year prison sentence, Giffone and White each received a five-year prison sentence, and McKinney received a two-year prison sentence. Co-conspirators Orson Benn and Samuel Green were previously found guilty and sentenced to 18 years and 9 years in prison, respectively.

Ayers arrest was the result of a joint investigation by FDLE, the Hillsborough County Consumer Protection Agency and the Tampa Police Department. Attorney General Bill McCollum’s Office of Statewide Prosecution will prosecute this case.

Ayers was booked into the Hillsborough County Jail on $110,000 bond.

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