Mortgage Fraud Comes To Wellington Florida- FBI Is Taking Action

By
Real Estate Agent with International Properties and Investments LLC

Mortgage fraud is alive and well in Wellington Florida and the FBI is not holding back on arrest warrants and the grand jury is handing down indictments for those who are committing and have committed mortgage fraud here in Wellington Florida.Mortgage fraud in Wellington Florida

In the highest priced upscale luxury new home development in Wellington Florida called Versailles with all it's splender and multi million dollar homes and clubhouse- there was a hot bed of scams to fraud lenders going down. This group of about 400 homes was built by Transeastern homes right before the mortgage meltdown and the bubble bursting right here in South Florida where the explosion was so intense and fast that we turned into ground zero of lost equity and flippers left holding their goods.

Think twice before you commit fraud or being an accomplice to the fraud in obtaining your mortgage for your next home. You may get away with it or you may not. The FBI is seriously coming after people now.

The list is long of indictments that are going down. Three new names were added to a fraud ring that is being broken up by the FBI; a mortgage fraud ring that was buying up homes in Versailles of Wellington Florida. We are a very small community and words spreads fast. Good thing is most of these folks are not residents of Wellington that were committing this fraud.

The head of an insurance agency in Delray Beach was indicted and arrested and is facing two counts of fraud. He was faking that people were working for his insurance agency and filling out Verifications of employment for bogus amounts of income. One of his alleged claims was saying that a part time cashier at our local supermarket was making $350,000 a year with his company!  Can you just believe that! Like, a person making that kind of money as an insurance salesman is really going to work at your local food store! Something wrong with that picture.

Mortgage fraud in Wellington Florida Then there is the employee of Bank of America who allegidly was signing forms stating that straw buyers on doctor applications had six figures in their bank accounts. She is facing 3 counts of fraud for doing this so far. Let me make it clear these are allegations by the FBI.

I wrote a post last year about a mortgage broker who was arrested and was alleged to commit mortgage fraud. I printed his name in my blog. He called me after he read my blog, yelling and screaming at me that he was going to sue me. The problem I told him with his threat to sue me was that every paper in our county and Broward county had already printed this story about him and that is where I got my information from. He said he was sueing all of them too and that he was sueing the FBI. He said the FBI was dropping their case against him and that I was ruining his name in front of all these agents on Active Rain by telling them of his arrest, which was public record BTW.

Instead of reacting to his threats I decided to respond instead. I told him that if he was innocent we would all love to hear his side of the story. He said that he would be happy to. We set up a time but he never did call me for our interview of his side of the story.

For that reason I am not mentioning the names of the people indicted. Just not worth the aggravation. I do believe in due process and that you are innocent until proven guilty.

So don't go falsifying documents for lenders to get mortgages approved. It is not worth the consequences. And the worst thing is this beautiful community of Versailles has taken a huge hit on values because so many people in these mortgage fraud rings were buying up these homes and then just letting them go into foreclosure. If you are making $35,000 a year you do not qualify for a house that is being sold for $1,300,000! Enough said!

Now is a great time to buy a home in Versailles. To learn more about this upscale resort style group of homes on the edge of Wellington Florida click here. Call Nestor Gasset or Katerina Gasset, at 561-753-0135 Versailles home selling experts to get your property in Versaille sold or to buy one of our gorgeous listings in Versailles.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales and Port St Lucie Short Sales.

Copyright © 2008 By Katerina Gasset, All Rights Reserved.*Mortgage Fraud Comes To Wellington Florida- FBI Is Taking Action! *

 
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Rainmaker
1,092,043
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/REALTOR, Tutas Towne Realty, Inc

Katerina, Florida is ground zero for mortgage fraud. Number 1 in the Nation. And I'm sure it's far worse than they know. I'm glad to hear the FBI is taking action. I wish they would come out and investigate Poinciana but that will probably never happen since our values are too low. 

Jul 15, 2008 07:25 AM #10
Ambassador
577,733
Frank Rubi
Frank Rubi Real Estate, LLC. - Metairie, LA
Homes for Sale Kenner - Metairie, La.

Katerina, I like how you handle the broker who called you. I do believe in Due Process of the law. The minute he is convicted though you cut the dogs lose and post. Back in the late 1980's we saw a simlar situations. I believe it lead to the S&L crisis. Many lost proprerties and were sold to increase for next to nothing.

Jul 15, 2008 08:41 AM #11
Rainmaker
527,822
Jeremy Blanton
Myrtle Beach Homes Blog - Myrtle Beach, SC
Myrtle Beach REALTOR®- myrtlebeachhomesblog.com

Man, a cashier making 350k a year...that would be nice enough to make me go scan groceries!  I saw some of this crazy stuff taking place here, but luckily not a whole lot in our market.

Jul 15, 2008 08:48 AM #12
Rainmaker
874,564
Fred Carver-Top Realtor Victoria, BC
Re/Max Camosun Victoria BC Real Estate - Victoria, BC
Accredited Victoria BC Real Estate Consultant

Hi Katerina...the fruad continued because they thought they were getting away with it, and it was easy money. Imagine a client making $35,000 a year and buying a house over 1 million dollars. I bet they told friends, go see this guy, he get the all the money you need. It just went on too long.

Great story, lets hope the FBI makes their names and photos Public after the court trial.

Thanks for sharing your story.

Jul 15, 2008 10:14 AM #13
Rainmaker
312,531
Carol Culkin
Reece & Nichols - Leawood, KS
Overland Park

This person actually thinks you can sue the FBI???

Jul 15, 2008 11:29 AM #14
Ambassador
721,665
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Dyersburg Tn Real Estate

Katerina,

Glad to hear the FBI is on top of it. There was and perhaps still is lots of mortgage fraud across the country and I hope the FBI arrests the mortgage people and Realtors involved.

Jul 15, 2008 11:41 AM #15
Ambassador
539,078
JO SOSS
HOMEFRONT Realty - Bremerton, WA
Kitsap County WA Real Estate - HOMEFRONT Realty

I just wish this all would have happened sooner. I reported mortgage fraud in CA back in 2005 and nothing was done. I am so made at those that have put this entire country at risk!!

Jul 15, 2008 12:07 PM #16
Rainmaker
102,887
Leslie Stewart
Prudential Real Estate Professionals - Stayton, OR
Realtor , CRS, eCertified, Oregon Licensed Broker

good riddance to bad rubbish.  I hope the FBI can make cases against all the idiots who defrauded the public...

Jul 15, 2008 05:06 PM #17
Anonymous
Anonymous

Hi Katrina,

Big mistake for anyone to try this.

In the past I think my area of the OC was the fraud capitol, looks like we've lost (good riddance) the title to the State of FL from things I read. However with that said,..the FEDS did have a pretty big bust here too not long ago.

Jul 15, 2008 08:43 PM #18
Rainmaker
404,365
Simon Conway
Orlando Area Real Estate Services - Orlando, FL

One of my clients is currently assisting the FBI with regards to their landlord. And this week I helped some sellers I know avoid losing their home to a scam artist! BE CAREFUL PEOPLE!!

Jul 15, 2008 09:37 PM #19
Rainer
406,159
Sean Allen
International Financing Solutions - Fort Myers, FL
International Financing Solutions

Interesting information. I'm amazed that the Insurance Broker was creating such documents. How stupid.

Sean Allen

Jul 15, 2008 09:50 PM #20
Rainmaker
573,977
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Get the bad actors out of circulation. Too bad we might have to pay room and board for them. I hope they kept some of the money made so they can get it back.

Jul 15, 2008 09:51 PM #21
Rainer
1,752
Mary Haughie
Triton Insurance Group - Miami, FL

Check out www.mortgagefraudblog.com

Very interesting....

 

Jul 15, 2008 10:46 PM #22
Ambassador
1,979,799
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale

Terry- We not only have to pay room and board for them we also have to pay for the consequences of foreclosures because of them too!

 

Mary- Thanks for the link, Will check it out.

 

Sean Allen- How stupid, right! Like who would believe that! I am amazed that someone actually thought they were going to get away with that!

Jul 15, 2008 11:04 PM #23
Ambassador
1,979,799
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale

Not yet licensed- Well, they think they are getting away with it, but it comes back to bite them!

Jul 15, 2008 11:05 PM #24
Rainmaker
272,028
Chuck Willman
BuyLowAZ - Mesa, AZ
Realtor - Arizona - 480.292.0600

They took a few down here as well, which begs the question- do people really think they can get away with this?

Jul 16, 2008 12:14 AM #25
Rainmaker
113,088
Vickie Arcuri
EWM Realtors- Esslinger-Wooten-Maxwell, Inc. - Fort Lauderdale, FL
Realtor - Ft. Lauderdale Waterfront Homes

Hi Katerina, I read about the latest batch of Arrests.  I know they realize now that it's just not worth it, but of course, it's too late.  I stay far away and caution Buyers and Sellers to do the same.

Jul 16, 2008 12:28 AM #26
Rainer
100,660
Cheri Smith
Prudential Gary Greene, Cypress TX - Cypress, TX
Realtor Prudential Gary Greene

There was a man (I belive it was called NAtional Mortgage Link) that tried to get my hsuband and I to falsify our down payment amount 10 years ago. . After we refused, he skipped town. We did close with his company as our lender but not with him. I told his processor what he was up to and she said she'd handle it which was when he disappeared. His wife was our closer at the title company. I was not happy about that.

So none of this fraud is new. I'm glad they are now getting caught.

Jul 16, 2008 01:10 AM #27
Rainer
73,244
Pam Pugmire
Silvercreek Realty Group - Meridian, ID
Meridian Idaho Real Estate

Katerina~ It is a sad, sad statement on the state of our nation's moral character that this even needs to be brought up!  But it does, so I'm glad you gave the warning!

Jul 16, 2008 09:06 PM #28
Ambassador
439,107
Deb "Alayne" Brooks
Alayne Brooks, Re/Max Elite Group, Wichita Falls Texas - Wichita Falls, TX
940-500-4010 Wichita Falls Real Estate

Katerina, A customer called me today and asked me to do paperwork for her cousin "the mortgage broker" for a house she was selling. All we had to do was write the paperwork for 9 points above her asking price...hum.

What do you think I said???

Later in the rain~Deb

Jul 16, 2008 11:23 PM #29
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