Two Miami, FL mortgage fraudsters sentenced to 45 months in prison
March 5th, 2010 - 3:00 pm ICT by BNO News ( Leave a comment )MIAMI, FLORIDA (BNO NEWS) – Two Miami, Florida men on Thursday were sentenced to 45 months in prison followed by 5 years in supervised release for their participation in a bank fraud scheme , prosecutors announced.
Danny Flores and Rolando Alfonso obtained two fraudulent loans, of $500,000 each, from Bank of America and the second from Wachovia. The defendants filled the two loan applications with stolen information of another defendant’s mother-in-law. To support the applications, they obtained false documents, like tax returns, and listed a home owned by the mother-in-law as the collateral.
Flores and Alfonso executed the scheme with the help of two loan officers that received money in exchange for accepting the loan applications. Both loan officers were previously sentenced to 22 months and 12 months imprisonment respectively.
Overall, Alfonso and Flores received $800,000 after paying their share to the other co-defendants.
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Tags: bank fraud, bank of america, bno, danny flores, defendant, false documents, fl mortgage, florida men, fraud scheme, fraudulent loans, imprisonment, loan applications, loan officers, miami fl, miami florida, mother in law, prosecutors, rolando, supervised release, wachovia
