Banks and investors found themselves the victims of fraud allegedly conducted by six South Florida individuals. These six individuals are Eimy Rodriguez, Juan Luis Quevedo, Jesus Fernando Alvarez, Abdul Basit, Yolanda M.Hernandez and Abdul Rashid Patel. The six are accused of conspiring together to cheat banks and individuals to the tune of around $6 million and have been charged with racketeering and conspiring to racketeer. It is also reported that two more individuals will be charged in this connection.
The alleged scheme involved buying homes and securing inflated mortgages and saw each of these person acting the role of straw buyers. They also played the role of realtor or recruiter and managed to get hefty loans for the properties, according to the charges.
Mortgage fraud has seen some mammoth cases taking place and this is one such scheme which has called upon the attention and effort of the Mortgage Fraud Task Force and the Office of Statewide prosecution of the Attorney General’s office and the Miami-Dade Police Department.
Another fraudulent mortgage scheme that made headlines in the recent past was the case of Veldora Arthur who is serving a 57 month jail sentence for conspiracy to commit wire fraud and mail fraud. Miami area is strife with mortgage fraud.
Three of the individuals named above – Alvarez, Rodriguez and Hernandez have paid $75,000 bonds and have been released from jail. The other three – Patel, Basit and Quevedo are being held on $75,000 bonds and need to appear before a judge before they can be released. Quevedo is the oldest of the lot at 73 and Rodriguez the youngest at 30 years of age. Basit, Hernandez and Alvarez are all 48 years old and Rashid is 40 years old. They have been taken to the Miami Dade County Jail and it was not known whether they have retained the services of a criminal defense attorney.
The investigation into their alleged misdeeds began in 2007 December when a licensed accountant and 4 straw buyers had been arrested. The alleged scheme worked because it brought together mortgage insiders who enabled the inflation of prices of multiple properties and fabricate fraudulent mortgage documents.