Husband and wife sentenced in mortgage scam

by Ryan Smith16 Jan 2014
Two married former Miami real estate agents have been sentenced for participating in a $2.4 million mortgage scam, according to the Department of Justice.

Jose Filgueiras, 43, who had been found guilty of three counts of bank fraud, was sentenced to 57 months in prison. His wife, Raquel Filgueiras, 39, who was convicted of one count of bank fraud, was sentenced to 30 months.

According to prosecutors, the Filgueirases were part of a conspiracy spearheaded by former real estate agent and mortgage broker Jose Armando Alverado, who was sentenced in November to more than 11 years in prison. Alvarado – who was also Raquel Filgueiras’ father – operated the scam by controlling, along with the Filgueirases and other co-conspirators – three companies in the Miami area: a real estate agency, a mortgage brokerage and a title insurance agency.

Prosecutors said the conspirators used their control over the companies to “falsify and misrepresent important facts” to lending institutions in order to secure mortgage loans totaling more than $2.4 million.  The conspirators enriched themselves by diverting the proceeds of the loans, as well as collecting brokerage fees and inflating commissions on sales of the properties.


Should CFPB have more supervision over credit agencies?