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Justice News

Department of Justice
U.S. Attorney’s Office
Middle District of Florida

Tuesday, April 5, 2016

Polk County Man Charged In Mortgage Fraud Scheme

Tampa, Florida – United States Attorney A. Lee Bentley, III announces the unsealing of an indictment charging Stevie McDonald (41, Winter Haven) with multiple counts of bank fraud and a conspiracy to commit bank fraud. If convicted on all counts, he faces a maximum penalty of 30 years in federal prison for each count. The indictment also notifies the defendant that the United States is seeking a money judgment in the amount of $509,221, the approximate loss amount that the financial institutions sustained in this case.

According to the indictment, McDonald participated in a conspiracy to defraud federally insured financial institutions in connection with multiple residential mortgage loans made by JP Morgan Chase Bank and Washington Mutual Bank. Along with others, McDonald was involved in the submission of false and fraudulent information to the lenders, which induced the lenders to make the mortgage loans. Subsequently, the recipients of these loans defaulted on those mortgages and the banks sustained losses of approximately $509,221.

An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless,  and until, proven guilty.

This case was investigated by the Federal Bureau of Investigation. It will be prosecuted by Assistant United States Attorney Jay L. Hoffer.

Financial Fraud
Mortgage Fraud
Updated April 6, 2016