Peter Affatati of Coral Springs, Fla., pleaded guilty to orchestrating a $40 million mortgage fraud scheme involving more than 50 residential mortgages, most in South Florida. In the scheme, Affatati would use straw buyers of the residential properties through his company, Assurance Title. Affatati would falsify the employment, income and assets of the straw buyers to qualify them for large mortgages from institutional lenders. Upon the funding of the mortgage, he would wrongfully divert a large portion of the proceeds for his own use and benefit. Affatati was also convicted of defrauding a victim in North Carolina by selling him fictitious securities in the amount of $390,000.
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