Archives For Hector Hernandez

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…

Hector Hernandez, real estate developer and owner of a mortgage company, 57, Miami, Florida; Aleida Fontao, co-owner of a mortgage company, 62, Miami, Florida; and Olga Hernandez, senior mortgage underwriter, 58, Lake Mary, Florida, each pleaded guilty to conspiracy to commit wire fraud affecting a financial institution in connection with an FHA mortgage fraud scheme involving federally insured mortgages that caused losses of $64 million to the Federal Housing Administration (FHA).  Including these defendants, 25 individuals have pleaded guilty to offenses related to this scheme to date..  Hector and Olga Hernandez both pleaded guilty on July 13, 2015, while Fontao pleaded guilty on July 7, 2015.  As part of his plea, Hector Hernandez also agreed to forfeit $8 million, which amounts to his profits from the scheme.

Hector Hernandez’s mortgage company, Great Country Mortgage Bankers, specialized in mortgage loans that were insured by the FHA. Continue Reading…