Mary Jo Bellavia-Sabag pleaded guilty to one (1) count of money laundering and one (1) count of filing a false 2000 individual income tax return with the IRS that failed to report the proceeds from the fraud scheme. In addition, Bellavia-Sabag agreed to forfeit her interest in her Parkland, Florida home to the United States.

According to the Indictment, Mary Jo Bellavia-Sabag and others, orchestrated a scheme whereby they fraudulently deeded residential properties in Miami-Dade and Broward Counties, Florida to themselves, their aliases, and their nominee corporations. Fraudulent, and in some cases forged, quitclaim deeds were recorded in the public records in an effort to further the scheme. Mary Jo Bellavia-Sabag and others made money from the scheme by selling the fraudulently obtained properties to unsuspecting third parties or obtaining loans in fictitious names secured by the properties. The loans ultimately ended up in default. According to the Indictment, Mary Jo Bellavia-Sabag and others obtained in excess of $3 million in property and funds from their victims.

Bellavia-Sabag faces a statutory maximum sentence of twenty (20) years and a fine up to $250,000 or twice the amount of the money laundered on the money laundering count and she also face a statutory maximum sentence of three (3) years in prison and up to a $250,000 fine, on the false tax return charges.

The original Mortgage Fraud Blog article on the indictments can be read here.