Orlando real estate broker Geo Geovanni, 49, was found guilty in federal court of one count of conspiracy to commit bank fraud and three counts of bank fraud, the U.S. Attorney's office announced Friday.
Geovanni of Moultrie, Ga., faces a maximum penalty of 30 years in prison for each count, according to the U.S. Attorney's office, and his sentencing hearing is Feb. 25.
The U.S. Attorney's office said that evidence in the trial showed that during several months in 2008 Geovanni concealed from lenders incentives that he provided to buyers of condominiums in Altamonte Springs.
"Geovanni helped cause the loss of approximately $761,150 to JPMorgan Chase Bank and Wells Fargo Bank when the mortgages involved in the fraudulent transactions went into foreclosure," the U.S. Attorney's office said in a statement.
The case was investigated by the Federal Housing Finance Agency's Office of Inspector General and the Federal Bureau of Investigation, and prosecuted by Special Assistant U.S. Attorney Chris Poor and Special Assistant U.S. Attorney Joseph Capone.
