Miami Man Pleads Guilty to Fraud and Money Laundering in Scheme to Illegally Obtain Multiple HELOCs Using a Single Property

MIAMI – A Miami man pleaded guilty to charges stemming from a scheme in which he fraudulently obtained multiple home equity lines of credit (HELOCs) from various lenders by repeatedly using the same property as collateral.

In June and July 2023, Alfred Lenoris Davis, 51, of Miami, Florida, engaged in a multi-lender fraud scheme by submitting false and misleading information to financial institutions in connection with HELOC applications. Davis submitted fraudulent tax returns and falsely represented that his property was free of other liens, even though he had already obtained and/or applied for other HELOCs secured by the same property. By concealing these overlapping obligations, Davis induced multiple lenders to extend approximately $1,257,500 in lines of credit under false pretenses. Davis used the fraudulently obtained loan proceeds for personal expenses and other purposes. Davis was charged with three counts of wire fraud and two counts of money laundering. Davis pleaded guilty on May 5.

A sentencing hearing is scheduled on July 24 in Miami. Davis faces up to 20 years in prison for each count of wire fraud and up to 10 years in prison for each count of money laundering.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and acting Special Agent in Charge Brett Skiles of the FBI, Miami Field Office, made the announcement.

FBI Miami investigated the case. Assistant U.S. Attorney Jonathan Bailyn is prosecuting the case. Assistant U.S. Attorney Sarah Klco is handling asset forfeiture.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-20456.

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