Todd Kolbe was sentenced to 30 months in prison, followed by three years supervised release and was ordered to pay resitution of $2,030,095.47 for his role as the ringleader in a mortgage fraud scheme involving 30 properties in Manatee and Sarasota Counties in Florida. Kirk McVey was sentenced to 30 months in federal prison followed by 3 years supervised release and was ordered to pay restitution of $747,147.53. Amy Kolbe was sentenced to four years probation with the first nine months to be served as home detention and was ordered to pay restitution of $488,636.10.
According to court documents, Kolbe was employed in the Bradenton, Florida office of Home Star Mortgage Services, LLC (now known as Opteum Financial Services LLC) from April 2001 to March 2002 and was the Vice-President and Regional Manager of Home Starâ€™s Florida offices.
Between August 2001 and February 2002, Kolbe and others, acting through Lakewood Properties, LLC, formerly known as Lakewood Partnership, LLC (a company owned by Kolbe that bought and sold real estate) and NXCSS, LLC (a Sarasota, Florida mortgage lender that also bought and sold property and was owned by Kolbe and Kelly Abercrombie) purchased 25 residential properties in Manatee County, Florida (24 in the name of Lakewood and 1 in the name of NXCSS) for purchase prices at or near fair market value.
Simultaneously with the closing of the purchases, Kolbe and others flipped the properties to a conspirator acting as a straw buyer. The straw purchaser obtained a mortgage loan from Home Star. The loan packages included appraisals prepared by Preferred Appraisal Group (a sham company created and controlled by Kolbe) that significantly overvalued the properties. In addition, the loan packages contained false earnings statements, tax returns, bank statements, leases and investment account statements. A substantial number of the loans were sold to Fannie Mae and Home Star was required to repurchase those loans.
In addition, in December 2002, the conspirators sold three loans to Home Star that were originated by Sovereign Mortgage Company (a Sarasota, Florida mortgage lender owned by Kolbe and Kelly Abercrombie.) These loans were for flips to straw purchasers in Sarasota County, Florida. Values were again based on inflated appraisals prepared by Preferred Appraisal Group.
Kirk McVey admitted in his plea agreement that he acted as a straw purchaser/borrower in connection with 15 of the properties in Manatee County, Florida. Amy Kolbe (Samelson) admitted that she acted as straw purchaser/borrower in connection with all 3 of the Sarasota County, Florida flips and 6 of the Manatee County, Florida flips.
The properties were located at:
33 Bishops Court, Osprey, Florida
60 Bishops Court, Osprey Florida
76 Bishops Court, Osprey, Florida
7102 52 Drive East, Bradenton, Florida
4132 Dover Drive East, Bradenton, Florida
7111 Cedar Hollow, #101, Bradenton, Florida
7107 Cedar Hollow, #201, Bradenton, Florida
7109 Cedar Hollow, #202, Bradenton, Florida
6443 Goldenleaf Court, Bradenton, Florida
7108 52 Street East, Bradenton, Florida
4943 78 Street East, Bradenton, Florida
12307 Tall Pines Way South, Bradenton, Florida
12243 Hollybush Terrace, Bradenton, Florida
7115 Boca Grove Place, Bradenton, Florida
4934 East 72 Court, Bradenton, Florida
5210 72 Street East, Bradenton, Florida
4679 73 Street East, Bradenton, Florida
7211 Spikerush Court, Bradenton, Florida
11503 Pimpernel Drive South, Bradenton, Florida
6745 Oak Manor Drive, Bradenton, Florida
8418 Idlewood Court, Bradenton, Florida
12309 Wood Sage Terrace, Bradenton, Florida
12345 Wood Sage Terrace, Bradenton, Florida
7131 Boca Grove Place, Bradenton, Florida
6216 Macaw Glen, Bradenton, Florida
11511 Sweetflag Drive, Bradenton, Florida
7101 East 52 Drive, Bradenton, Florida
6250 Traylor Road, Sarasota, Florida
759 Shadow Bay Way, Osprey, Florida
1102 Parkside Place, Bradenton, Florida