Former Real Estate Agent Admits Mortgage Fraud

Allison Tussey —  April 20, 2011 — 1 Comment

Carlos Vadillo, Miami-Dade County, Florida, entered a plea of guilty to a one count Information. Defendant Vadillo is scheduled for sentencing before U.S. District Court Judge Cecilia M. Altonaga on June 23, 2011. He faces a total maximum statutory term of imprisonment of up to 30 years, followed by up to five years of supervised release.

Vadillo pled guilty to one count of conspiracy to commit money laundering, in violation of Title 18, United States Code, Section 1956(h). In addition, Vadillo agreed to make restitution in the amount determined by the court.

According to court records, between July 9, 2004 and August 7, 2007, Vadillo was a licensed real estate agent engaged in real estate transactions in Miami-Dade County. During that time, Vadillo and his co-conspirators were involved in a scheme to obtain fraudulent mortgage loans for the purchase of at least five residential properties in Miami Beach. To execute the scheme, Vadillo and his co-conspirators recruited and paid straw buyers, some of whom were family members, to pose as purchasers of the properties.

Court records also show that Vadillo and his co-conspirators prepared and caused to be prepared fraudulent mortgage loan applications on behalf of the straw buyers using their identity and credit information. Once the mortgage applications were approved, the lenders would wire transfer the loan proceeds to the accounts of the title and/or settlement agents in the State of Florida. Afterwards, Vadillo and his co-conspirators would arrange for the fraudulent mortgage loan proceeds to be disbursed to one of Vadillo‘s bank accounts. Eventually, Vadillo and his co-conspirators defaulted on the loan payments, causing the properties to go into foreclosure. Vadillo acknowledged that the fraud loss resulting from his actions is more than $2.5 million but less than $7 million.

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and Rhonda A. Diffenbach, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division (IRS-CID), announced the guilty plea.

U.S. Attorney Ferrer commended the investigative efforts of the Criminal Investigation Division of the Internal Revenue Service for their work investigating this case. The case is being prosecuted by Assistant U.S. Attorney Cristina Perez Soto.

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Allison Tussey

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One response to Former Real Estate Agent Admits Mortgage Fraud

  1. SO WHATS THE BIG DEAL? THE PEOPLE WHO DID THE PROPERTY FLIPPING AND FALSE APPRASIALS AT PINE VILLAGE TOWN HOMES IN HARRIS COUNTY TX ARE STILL WALKING THE STREET.THE GREAT LADDENT GROUP FROM ORANGE COUNTY CA.PICKED UP 113 FORECLOSED PTOPERTIES FOR $800,000. (THATS $7000 EACH) AND ARE NOW DOING RENT TO OWN TO LOW INCOME PEOPLE FOR UP TO $65,000. THE PROPERTY IS NOW A CRIME AREA AND DRUG DEALING.I AM ARMED WHEN I GO OUT OF MY HOME,BUT AT 82 YEARS OF AGE I AM BUYING A FORECLOSED HOME FOR ME AND BUDDY THE CAT. G.UBER USN RET

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