Ishmett Nazario, a Florida title agent, was sentenced by Chief U.S. District Court Judge Federico Moreno to forty-one months in federal prison in connection with her participation in a mortgage fraud scheme. In addition, Nazario was ordered to pay restitution in the amount of $1,442,000.
Nazario was arrested in July 2008 for her involvement in the fraudulent sale of residential property located in Coral Gables, Florida. The Coral Gables property was flipped three times within a one year period, almost doubling the price of the property from $780,000 to $1,400,000. Nazario served as the title agent in the third sale and, through her title company Blue Coast Title, fraudulently released the lender’s funds from escrow to fund the straw buyer’s down payment on the property. Once the final sale closed, the straw buyer, co-defendant Maritza Salan, failed to make a single payment on the mortgage. The property ultimately went into foreclosure, resulting in a significant loss to the lender.
In August 2008, Nazario pled guilty two counts of wire fraud, in violation of Title18, United States Code, Section 1343. Nazario had been charged in an indictment, along with co-defendants Jose E. Alvarez, Yadira Garrido, and Maritza Salan, with conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349 and two counts of wire fraud, in violation of Title 18, Untied States Code, Section 1343. Alvarez, Garrido and Salan also pled guilty to wire fraud charges.
In sentencing Nazario, Judge Moreno emphasized the seriousness of the offense in this case and the need for deterrence in view of the prevalence of fraud – particularly, mortgage fraud, health care fraud, and identity theft – in the Southern District of Florida and its negative impact on the economy.
This case was investigated by agencies participating in the Federal-State Mortgage Fraud Strike Force. Mr. Acosta commended the investigative efforts of the Mortgage Fraud Strike Force with particular commendation to the U.S. Secret Service and Miami-Dade Police Department. The case was prosecuted by Assistant United States Attorney Peter A. Forand.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.