3rd person guilty in $39M Fla. mortgage fraud
FORT LAUDERDALE, Fla. -- A third person has pleaded guilty in South Florida federal court to taking part in a $39 million mortgage fraud scheme.
Juan Carlos Sanchez of New York, N.Y. pleaded guilty Thursday to mail and wire fraud conspiracy charges. Sanchez could get up to 20 years in prison when sentenced in January.
Prosecutors say Sanchez and six other people recruited buyers for units at a Fort Lauderdale condominium. They used false mortgage applications and misrepresented the buyers' credit standing in order to get the loans. The group then diverted a portion of the mortgage proceeds for their own use.
Trial for the other defendants is scheduled for January 14 in Fort Lauderdale federal court.