Berry Louidort and Ralph Michel, Palm Beach County, Florida, have been sentenced for their role a mortgage fraud conspiracy, which was included as part of Operation Malicous Mortgage, an anti-mortgage fraud sweep performed by a task force of law enforcement agencies earliar this year.

Both men plead guilty to one count of conspiracy to commit bank fraud, and one count of money laundering. Louidort was sentenced to 37 months inprisonment, with 5 years of supervised release and 11,605,332.00 in restitution. Michel was sentenced to 30 months imprisonment, with 5 years of supervised release and restitution in an amount to be determined within 90 days.

As previously reported on Mortgage Fraud Blog, defendants Berry Louidort, Ralph Michel and Lauren Jasky fraudulently bought and sold residential property in Palm Beach County, Florida. Defendants Louidort and Michel received large assignment and marketing fees and Jasky received mortgage brokerage fees. The defendants prepared fraudulent loan applications for the purchasers and submitted them to the lenders. The applications included materially false information about the borrowers’ employment verification, income, funds on deposit, and rent history.

The third defendant, Lauren Jasky, has plead guilty to one count of conspiracy to commit bank fraud, and is scheduled to be sentenced December 4th.