Florida Loan Officer Sentenced in FHA Fraud Case

A Florida loan officer has been
sentenced to four-and-a-half years in prison and ordered to pay $9.2 million in
restitution
to the Department of Housing and Urban Development (HUD) for his
role in a mortgage fraud scheme that targeted the Federal Housing
Administration (FHA). Alejandro (“Alex”) Curbelo of Miami had pleaded guilty to
one count of conspiracy to commit wire fraud in April.  In addition to 54 months of incarceration he must
serve three years of supervised release.

According to documents filed in the U.S.
District Court in Miami, from approximately February 2006 through July 2008
Curbelo, then a loan officer for Great Country Mortgage Bankers in Miami,
assisted in the sale and financing of condominium units at Dadeland Place and
Pelican Cove on the Bay.   He assisted borrowers to obtain loans who were
unqualified due to insufficient income, high levels of debt, and outstanding
collections. 

Curbelo admitted that he conspired with
others to create and submit false applications and other documents to FHA on
behalf of the borrowers and to offering cash back to the borrowers as an
incentive for them to purchase the units. 
The closing costs were paid on behalf of the borrowers by interstate
wire which enabled the wire fraud charges. 

After the loans closed the unqualified
buyers
failed to meet their required payments and defaulted on their
loans.  HUD, which insured these loans,
was required to take title to the units after foreclosure and pay lenders the outstanding
balance of the loans.  The fraud cost HUD
more than $9.2 million.

The case was investigated by the HUD
Office of Inspector General as participants in the Miami Mortgage Fraud Strike
Force and the Finance Fraud Enforcement Task Force.

…(read more)

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