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Hector Hernandez, 57, Miami, Florida, the owner and operator of Great Country Mortgage Bankers (Great Country), a mortgage lender in Miami, Florida, was sentenced to serve 135 months in prison  for conspiracy to commit wire fraud affecting a financial institution for orchestrating a $64 million mortgage fraud scheme.  He was also ordered to pay $64,508,141 in restitution and to forfeit $8,000,000 in illicit profits.

In the same case, a real estate developer for Great Country, Aleida Fontao, 62, Miami, Florida, was sentenced to serve 41 months in prison, and ordered to pay $7,131,952 in restitution and $400,000 in forfeiture.  An underwriter for Great Country, Olga Hernandez, 59, Lake Mary, Florida, was sentenced to serve 51 months in prison and ordered to pay $24,512,755 in restitution.  Hector and Olga Hernandez both pleaded guilty on July 13, 2015, while Fontao pleaded guilty on July 7, 2015.  Hector Hernandez was the last defendant to be sentenced in the case.  All 24 defendants charged in this case, which included loan officers, loan processors and underwriters, were convicted of participating in the scheme. Continue Reading…