A real estate agent, mortgage broker and former newspaper publisher is being charged with a $10 million mortgage fraud conspiracy, according to HousingWire.
Marco Laureti owns the Laureti Publishing Company. Laureti worked with Michelle Cabrera, who owned Florida Elite Title & Escrow. Along with alleged co-conspirators Felix Mostelac and Pedro Melian, Laureti and Cabrera connived in an arrangement at Fort Lauderdale dealing with a condominium complex, according to prosecutors.
Laureti, Mostelac and Melian made false statements “to a financial institution on loan applications and closing statements for the multimillion dollar condominiums,” according to the US Attorney’s Office for the Southern District of Florida.
Approved loans were allegedly redirected by Cabrera, working as title agent, to set up the cash borrowers were expecting to bring their properties to a close, and also funneling more money to companies under Laureti and Mostelac.
They also allegedly used their schemes on buy multimillion dollar houses located in Miami Beach.
Laureti and Mostelac are charged with “conspiracy to commit wire fraud affecting a financial institution, and multiple counts of wire fraud affecting a financial institution.
Cabrera and Melian face charges of criminal information with one count of conspiracy to commit wire fraud affecting a financial institution.
All four are facing up to 30 years, individually, on each charge if convicted.
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