Florida Man Pleads Guilty In Bank Fraud Scheme

PITTSBURGH - A Florida resident pleaded guilty in federal court to a charge of conspiracy to commit bank fraud, United States Attorney David J. Hickton announced today.

Mark Anthony Sosso, 43, pleaded guilty to one felony count before United States District Judge Arthur J. Schwab.

According to information presented to the Court, Sosso knowingly and willfully conspired with other individuals to commit an offense against the United States, that is, bank fraud, in connection with a co-conspirator’s purchase of the real property located in Longboat Key, Fla. Sosso, through a company controlled by him - Sosso Homes, Inc. - sold the property on July 27, 2007, to the co-conspirator for the ostensible purchase price of $3,000,000 and fraudulently induced Washington Mutual Bank into making a mortgage loan to the co-conspirator in the amount of $2,377,000 in order to fund the transaction.

It was part of the conspiracy that Sosso and the co-conspirator submitted false and fraudulent loan documents to Washington Mutual Bank. As part of the conspiracy, Sosso and the co-conspirator submitted to Washington Mutual Bank a HUD-1 Settlement Statement that falsely represented that the co-conspirator had paid Sosso Homes a $600,000 cash deposit, well knowing that the co-conspirator had never paid, or intended to pay, the $600,000 cash deposit. It was also part of the conspiracy that Sosso paid $458,350 of the mortgage loan monies to the co-conspirator as kickbacks, without the knowledge or approval of Washington Mutual Bank. It was further a part of the conspiracy that $1,677,598 of the mortgage loan monies were used to pay off Sosso Homes’ mortgage debt to another bank.

Judge Schwab scheduled sentencing for Jan. 14, 2016. The law provides for a maximum total sentence of five years in prison, a fine of $250,000 or both. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

Pending sentence, the court released Sosso on bond.

Assistant United States Attorney Mary McKeen Houghton is prosecuting this case on behalf of the government.

The United States Secret Service and the Internal Revenue Service/Criminal Investigation Division conducted the investigation leading to the Information in this case.