MIAMI MAN CHARGED IM PALM BEACH MORTGAGE FRAUD SCAM
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation, Miami Field Office, Henry Gutierrez, Postal Inspector in Charge, U.S. Postal Inspection Service, J. Thomas Cardwell, Commissioner, State of Florida’s Office of Financial Regulations, Amos Rojas, Jr., Special Agent in Charge, Florida Department of Law Enforcement, and Alex Sink, Chief Financial Officer, Florida Department of Financial Services, announce the July 6, 2010 filing of a criminal information against defendant Stanley Gabart, 29, of Miami, FL. The defendant surrendered on Thursday, July 8, 2010, and made his initial appearance in West Palm Beach federal court.
The two-count information charges defendant Gabart with conspiracy to commit bank fraud and making false statements on loan applications to Bank of America and JP Morgan Chase Bank, N.A., in connection with the purchase of various properties. If convicted, the defendant faces a maximum statutory term of imprisonment of 30 years on each count.
Among the properties listed in the information are 3586 Royalle Terrace, Wellington, Florida; 10475 Trianon Place, Lake Worth, Florida, and 540 West Avenue, #1414, Miami Beach, Florida. According to the allegations in the information, Gabart conspired with others to submit loan applications for the properties that contained false information about the applicants’ employment, income, assets and intention to live in the homes. In addition, Gabart allegedly recruited straw purchasers and paid the straw purchasers a fee for participating in the scheme. The fraud scheme resulted in more than $7 million in losses to several banks.
This case is the result of the investigative efforts of the multi-agency Palm Beach Mortgage Fraud Task Force. Mr. Ferrer commended the investigative efforts of the FBI, U.S. Postal Service, State of Florida’s Office of Financial Regulation, FDLE, and State of Florida’s Department of Financial Services. The case is being prosecuted by Assistant U.S. Attorney Ellen Cohen.
An information is merely an accusation and a defendant is presumed innocent unless and until proven guilty.
A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.