Miami Jury Convicts Four Defendants of Conspiracy and Bank Fraud Offenses Arising from $49.6 Million Mortgage Fraud Scheme
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Miami Jury Convicts Four Defendants of Conspiracy and Bank Fraud Offenses Arising from
According to the indictment and evidence at trial, from 2003 to 2008, the defendants conspired to perpetrate a complex
Among other things, the loan applications and settlement statements for the lot loans contained fraudulent statements that the borrowers paid earnest money deposits and cash due at the closing. In fact, the deposits and cash-to-close were paid by
Olivier and Davis recruited straw borrowers for the fraud scheme and submitted fraudulent loan applications to the lenders. Further, Olivier and Davis caused their private companies to be disclosed as the employers of straw borrowers whose actual employment was inconsistent with the inflated income stated on their loan applications. Then, when they were contacted by the lenders, Olivier and Davis provided fraudulent verifications of employment for those borrowers.
Three other defendants,
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Craven County arrests and citations for July 9
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