Incentive Based Deals Result in Criminal Charges Against Buyer

Rachel Dollar —  August 31, 2016 — Leave a comment

Maria Del Carmen Rodriguez, Miami, Florida was charged by Information with Conspiracy to Commit Bank Fraud on August 29, 2016 in the United States District Court for the Southern District of Florida.

According to the Information, at least as early as January 2007, Juan Carlos Sanchez, operating Homefirst Realty Group, Inc., began marketing the Marina Oaks Condominiums in Fort Lauderdale, Florida.  He was given control of the marketing and increased the sales price of the individual condominium properties by an additional $40,000 per unit.  The buyers were promised incentives that would pay all of their closing costs, refund their initial deposits and pay their monthly condominium association dues.  Buyers were advised they would have no out of pocket expenses, would be paid approximately $30,000 to $40,000 after the transaction closed and that they would not receive 1099s for the incentives.

Rodriguez was encourage to purchase several units with promises of incentives and a rental income program that would cover the monthly mortgage payments.  When buyers purchased multiple units, their loan applications were expedited and sent to different lenders to avoid detection and the multiple purchases were not listed on the other loan applications. Rodriguez bought Unit 503 and Unit 511 at SW 18 Terrace, Fort Lauderdale, Florida

Rodriguez prepared and caused to be prepared false and fraudulent mortgage applications and related documents that were submitted to lenders.  False statements include representations relating to the funds available for closing, occupancy, real property ownership and rental history.  Rodriguez also prepared false HUD-1’s which falsely represented that the buyers met their cash to close obligations.  In fact, Sanchez and other co-conspirators provided the funds to the closing agent on behalf of the buyer.

Once the mortgage proceeds were sent to the closing agent, a portion of the proceeds were disbursed to one of  Sanchez’ companies, specifically Creative Concepts International which was listed on the HUD-1 as the recipient of a large fraudulent lien payoff.  Sanchez and the closing agent would utilize funds received by or intended for Creative Concepts International to pay the closing costs and buyer incentives to Rodriguez.

 

 

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Rachel Dollar

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