Fraud & Investigations

Three indicted on mortgage fraud charges

Posted on Thursday, March 17, 2011

Indictments unsealed Tuesday charge three South Florida residents with mortgage fraud in the Versailles neighborhood of Wellington, in Palm Beach County.
According to a news release from the U.S. Attorney’s Office, fraud charges were unsealed against Patrick Brinson, 34, of Miami; David Lam, 42, of Parkland; and Godfrey Myles, 42, of Miami.
The release said Brinson, Lam, Myles and others allegedly conspired to obtain more than $2.55 million in mortgage loans on the Versailles properties by using straw buyers to submit false documentation substantially inflating the price of the properties. The charges are a result of work by the multi-agency Palm Beach County Mortgage Fraud Task Force.
The conspirators are alleged to have recruited an attorney to prepare double HUD-1 settlement statements, giving one set with the real price to the seller and another with the inflated price to the lender. Brinson and Myles are accused of laundering more than $488,000 in fraudulent loan proceeds through multiple accounts.
The 11-count indictment charges Brinson, Lam and Myles with a fraud scheme involving two properties. All three are charged with one count of conspiracy to commit mail and wire fraud, two counts of wire fraud, and one count of making false statements on loan applications to mortgage lender American Broker’s Conduit.
Brinson and Myles are also charged with one count of conspiracy to commit money laundering and six counts of money laundering.
If convicted, the defendants face a maximum statutory sentence of 20 years in prison on the mail and wire fraud conspiracy, 20 years in prison on each of the wire fraud counts, and five years in prison on the false statement charge.
Brinson and Myles also face a maximum 20 years’ imprisonment for the money laundering conspiracy, and 10 years in prison for each of the money laundering counts.
South Florida Business Journal

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Ab fab my gloody man.

Hannah 12/20/2011
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