MORAL
Consult your attorney before you play games. This way you know the risks and can avoid the problems.
ELEVEN CONVICTED FOR MORTGAGE FRAUD IN FLORIDA AND ONE GETS 15 YEARS IN FEDERAL PRISON
FACTS
On Nov. 2, a federal judge in Tampa sentenced 11 individuals for their participation in a mortgage fraud scheme that spanned a decade and involved tens of millions of dollars in bogus loans.
The individuals had previously pled guilty to conspiring to commit fraud and/or to making false statements on bank loan applications so they could get the maximum mortgage possible on properties without risk or any of their own money. The scheme fell apart when the real estate market collapsed in 2008.
Richard Bobka of Sarasota, described in the statement as one of the main perpetrators, was sentenced to 15 years in federal prison and ordered to pay $22.8 million in restitution for his role in the scheme.
R. Craig Adams of Tampa was sentenced to three years in federal prison and ordered to pay $25 million in restitution. Adams had cooperated with the government in efforts to target the most culpable individuals who caused the largest losses to the banks, prosecutors said.
Nine others received sentences ranging from time served to 24 months in prison and were ordered to pay various amounts of restitution. (tampbusjl usattytampfl103112)
MORAL
Adams is alleged to have ripped off more and gets a sentence one-fifth of the Bobka gentleman. See what cooperation can do?
THE INFORMATION CONTAINED HEREIN IS NOT LEGAL ADVICE.
AN ATTORNEY SHOULD BE CONSULTED IF YOU DESIRE LEGAL ADVICE.
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