More On Multi Million Dollar Tampa Bay Home Improvement Mortgage Fraud Scam
(revised 7-20-07)
In Central Florida, mortgage brokers Scott Almeida and Frank Giffone, both of Tampa, and three others have been arrested and charged for their alleged involvement in a multimillion dollar mortgage fraud scheme in the Tampa Bay area. According to investigators, the group passed out fliers that lured residents on fixed incomes to agree to a mortgage to finance home improvement projects. Investigators said a majority of the improvement projects were never started. They said it was one of the largest fraud cases they've ever seen in the Bay area. Their companies included Giff Inc., Priority One Title Services and Advanced Mortgage Solutions and Florida Beautiful Construction Management Inc.
According to a chief investigator at the Hillsborough County Consumer Protection Agency, "The defendants were targeting the low-income areas of town, which typically in this case were all minorities, uneducated, poor, dilapidated houses in many cases that needed repairs." The current criminal case focuses on 31 fraudulent mortgage loans, but it’s believed Almeida and his associates submitted about 180 loans totaling $18 million through Argent Mortgage Company.
Others arrested include two Argent employees, Orson Benn, 36, and Samuel Green, 27, who investigators say Almeida paid off to approve loans even though they knew supporting documents were fake, and Adrienne White, 37, who worked as a loan processor for Almeida. There is currently an arrest warrant out for a sixth person, Bradford Chase Peck.
For the local TV reports, watch:
Channel 10 TV report - FRAUD: Mortgage employees busted stealing millions
Channel 9 TV report - Five accused of mortgage fraud (They allegedly got people to take out loans, but didn't start construction).
To read Channel 9 online report, see Five accused of mortgage fraud.
For Tampa Tribune article, see 5 Arrested In Mortgage Scam.
For St. Petersburg Times article, see Loan scam hits dozens (Investigators describe victims across Florida, then five arrests).
In Central Florida, mortgage brokers Scott Almeida and Frank Giffone, both of Tampa, and three others have been arrested and charged for their alleged involvement in a multimillion dollar mortgage fraud scheme in the Tampa Bay area. According to investigators, the group passed out fliers that lured residents on fixed incomes to agree to a mortgage to finance home improvement projects. Investigators said a majority of the improvement projects were never started. They said it was one of the largest fraud cases they've ever seen in the Bay area. Their companies included Giff Inc., Priority One Title Services and Advanced Mortgage Solutions and Florida Beautiful Construction Management Inc.
According to a chief investigator at the Hillsborough County Consumer Protection Agency, "The defendants were targeting the low-income areas of town, which typically in this case were all minorities, uneducated, poor, dilapidated houses in many cases that needed repairs." The current criminal case focuses on 31 fraudulent mortgage loans, but it’s believed Almeida and his associates submitted about 180 loans totaling $18 million through Argent Mortgage Company.
Others arrested include two Argent employees, Orson Benn, 36, and Samuel Green, 27, who investigators say Almeida paid off to approve loans even though they knew supporting documents were fake, and Adrienne White, 37, who worked as a loan processor for Almeida. There is currently an arrest warrant out for a sixth person, Bradford Chase Peck.
For the local TV reports, watch:
Channel 10 TV report - FRAUD: Mortgage employees busted stealing millions
Channel 9 TV report - Five accused of mortgage fraud (They allegedly got people to take out loans, but didn't start construction).
To read Channel 9 online report, see Five accused of mortgage fraud.
For Tampa Tribune article, see 5 Arrested In Mortgage Scam.
For St. Petersburg Times article, see Loan scam hits dozens (Investigators describe victims across Florida, then five arrests).
posted by Home Equity Theft Reporter at 11:03 PM
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