Two Florida Men Indicted In Mortgage Fraud Scheme
Tampa, Florida - United States Attorney A. Lee Bentley, III announces the unsealing of an indictment charging Guillermo Rincon (36, Miami) and Enrique Hernandez (34, Tampa) with one count of mortgage fraud conspiracy involving mail and bank fraud, and other related substantive charges. Each faces a maximum penalty of 30 years’ imprisonment for each count. The indictment also notifies the individuals that the United States is seeking a money judgment for the proceeds of the charged mortgage fraud conspiracy.
According to the indictment and court proceedings, Rincon and Hernandez participated in a mortgage fraud conspiracy in which some conspirators entered into agreements to purchase properties for amounts in excess of the original asking price. The conspirators then inserted false and fraudulent information about the various conspirator-purchasers on mortgage loan applications, or Fannie Mae Form 1003s, which were submitted in support of the loan requests. Upon the closing of each sale transaction, the conspirators used a portion of the inflated loan proceeds to pay the original asking price to the seller. The remaining excess funds—the gap amount between the original asking price and the inflated mortgage loan amount—were then shared amongst the conspirators, who allowed the purchased properties to fall into foreclosure.
An indictment is merely a formal charge that a defendant has committed a violation of federal criminal laws, and every defendant is presumed innocent unless, and until, proven guilty.
This case was investigated by the Federal Bureau of Investigation and the Federal Housing Finance Agency - Office of Inspector General. It is being prosecuted by Assistant United States Attorney Jay G. Trezevant and Special Assistant United States Attorney Christopher Poor.