News and Press Releases

Mortgage Broker Pleads Guilty To Defrauding Lenders To Purchase Jewelry Store

June 26, 2013

Tampa, Florida - United States Attorney Robert E. O'Neill announces that David Vazquez (35, Puerto Rico) today pleaded guilty to making false statements to a financial institution. Vazquez faces a maximum penalty of 30 years in federal prison.

According to the plea agreement, between November 7, 2007, and January 9, 2008, Vazquez knowingly made and induced other persons to make materially false and fraudulent statements to an FDIC-insured financial institution and other mortgage lenders, in connection with a mortgage fraud scheme. During the time frame of his offense, Vazquez worked as a mortgage broker for DVA & Associates, LLC, located in Tampa. As a mortgage broker, Vazquez’s job was to assist prospective borrowers with obtaining mortgage loans to purchase real property.

In 2007, Vazquez decided to purchase a jewelry store in Tampa, along with two other individuals. To finance the purchase of the jewelry store, Vazquez and his partners decided to purchase three condo units at The Arbors at Carrollwood. The Arbors was a 390-unit condominium complex located at 3939 Ehrlich Road, in Tampa. Vazquez was aware of the fact that purchasers of condo units at the Arbors were being given tens of thousands of dollars in cash-back incentives.

Vazquez listed material misrepresentations, including employment, gross monthly income, assets and liabilities, and intent to occupy the condo units as a primary residence on the loan applications. As a result of their scheme, Vazquez and his partners received more than $270,000.00 for purchasing three condo units at the Arbors. These funds were then used to purchase the jewelry store. The properties all went into foreclosure. Ultimately, Vazquez and his co-conspirator business partners defrauded the mortgage lenders out of approximately $645,872.00.

This case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Simon Gaugush.









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