In a mortgage fraud case closely watched by many Floridians, a former mortgage broker has defied expectations and received an assurance that she will not get jail time. She joins 10 others in the case, including four other real estate professionals, who also avoided jail time. This has surprised many, due to the defendants' key roles in one of the biggest instances of mortgage fraud to ever occur in Florida.
Accusations against the defendants centered on claims that they had used bogus property flips to artificially inflate the values of various real estate properties. They were also accused of having lied on loan applications. The alleged goal was to obtain more money from lenders than they would have with accurate information. All told, the case involved over $200 million in loans. That amount was secured across 150 real estate deals that occurred across an 11-year period. A total of 70 associates participated in the transactions.