Jury Convicts in Case Involving Incentives and Private Loans

Rachel Dollar —  January 12, 2016 — Leave a comment

Joseph L. Pasquale, 39, Fort Myers, Florida was found guilty by a federal jury of one count of conspiracy to commit bank fraud and four counts of bank fraud.

According to testimony and evidence presented at trial, Pasquale worked as a real estate sales associate for a brokerage firm based in Cape Coral, Florida. Between October 2007 and March 2008, he was involved in the negotiation and sale of four condominium units at the Arbors of Carrollwood, to clients in California and Massachusetts. Pasquale engaged in a conspiracy to conceal sales incentives from mortgage lenders, which these clients received from the seller, along with private loans that Pasquale made to the buyer-clients enabling them to bring cash to their respective real estate closings. As a consequence of his actions, Pasquale helped to cause a loss of approximately $937,000 to Wells Fargo Bank when the mortgages involved in the case went into foreclosure.

Pasquale faces a maximum penalty of 30 years’ imprisonment for each count. His sentencing hearing has been scheduled for April 8, 2016.

The verdict was announced by United States Attorney A. Lee Bentley, III and was investigated by the Federal Bureau of Investigation and the Federal Housing Finance Agency-Office of Inspector General. It is being prosecuted by Special Assistant United States Attorney Chris Poor and Assistant United States Attorney Jay L. Hoffer.

Be Sociable, Share!

Rachel Dollar

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> 

*