Florida men sentenced for mortgage fraud

by Ryan Smith26 Mar 2014
Two Florida men have been sentenced for their roles in a multimillion-dollar mortgage fraud scam.

Jason Andrew Vitulano, 38, and Marc A. Gross, 54, both pleaded guilty in August to counts including conspiracy to commit mail and wire fraud, mail fraud and conspiracy to commit money laundering. Gross also pleaded guilty to perjury and making false statements to a federal agent.

Between 2007 and 2008, Vitulano and Gross were involved in the purchase of eight Florida homes using straw buyers. In order to make sure the loan applications were approved, the pair submitted fraudulent mortgage applications, referenced nonexistent employers and inflated the straw buyers’ income and assets. All of the properties subsequently went into foreclosure, according to the U.S. Attorney’s Office.

Vitulano was sentenced this week to 77 months in prison and ordered to pay more than $4 million in restitution, as well as a monetary judgment of more than $1.4 million. Gross was given five years’ probation and ordered to forfeit his personal residence, valued at $340,000, and his retirement accounts, valued at about $253,000. He was also ordered to pay $3.5 million in restitution.
 

COMMENTS

Poll

Is TILA-RESPA a good or bad thing long term?