Straw Buyers Assert "Dupe Defense" In Reports To Cops In Suspected South Florida Mortgage Fraud Scam
In Miami, Florida, the story of Dayalin Zayas, 36, and her husband, Marlon Gonzalez, 31, was featured in a recent investigative report by The Miami Herald. The couple found their way into the lucrative mortgage lending industry by becoming loan officers which is simple in Florida, since licensing of loan officers is not required (Florida mortgage brokers, however, do need to be licensed).
The report details how the couple proceeded to recruit (and reportedly dupe) straw buyers for home purchases and who were ultimately left holding the bag.
For example, in little more than a month, one straw buyer couple (a husband and wife) was approved for six mortgages worth $3.67 million, according to property records. A second straw buyer agreed to provide his signature and Social Security number on loan documents, in exchange for $7,000. A third straw buyer was signed up for $1.32 million in loans for two homes, public records show, and said he was paid $11,000 for the use of his personal information in obtaining the loans.
According to The Herald, two of the straw buyers (the second and third straw buyers above) reported the matters to the FBI (presumably claiming they were dupes). The FBI reportedly is not investigating the complaint because, according to the story, it has only two agents in its Miami field office working on mortgage fraud cases (maybe the FBI's lack of interest in these cases had something to do with the fact that these straw buyers pocketed $7,000 and $11,000, respectively, in the scams). Police reports have also been filed with several other agencies.
The Herald reports that the properties owned by the two straw buyers who went to the cops were ultimately unloaded onto another straw buyer found by loan officer Zayas; the new straw buyer was Zayas' housekeeper's husband. Reportedly, Zayas arranged the deal to dump the properties onto the new straw buyer to placate the old straw buyers (possibly to keep them from pressing criminal charges in the event the local Miami-Dade cops investigate the matter).
The Herald concludes its report by stating that the company owned by the couple at the heart of the dubious deals, SeaSide Advantage, is still around; it has changed its focus to making both home and commercial loans, according to its website. For more, see Home buyers duped into foreclosure.
The report details how the couple proceeded to recruit (and reportedly dupe) straw buyers for home purchases and who were ultimately left holding the bag.
For example, in little more than a month, one straw buyer couple (a husband and wife) was approved for six mortgages worth $3.67 million, according to property records. A second straw buyer agreed to provide his signature and Social Security number on loan documents, in exchange for $7,000. A third straw buyer was signed up for $1.32 million in loans for two homes, public records show, and said he was paid $11,000 for the use of his personal information in obtaining the loans.
According to The Herald, two of the straw buyers (the second and third straw buyers above) reported the matters to the FBI (presumably claiming they were dupes). The FBI reportedly is not investigating the complaint because, according to the story, it has only two agents in its Miami field office working on mortgage fraud cases (maybe the FBI's lack of interest in these cases had something to do with the fact that these straw buyers pocketed $7,000 and $11,000, respectively, in the scams). Police reports have also been filed with several other agencies.
The Herald reports that the properties owned by the two straw buyers who went to the cops were ultimately unloaded onto another straw buyer found by loan officer Zayas; the new straw buyer was Zayas' housekeeper's husband. Reportedly, Zayas arranged the deal to dump the properties onto the new straw buyer to placate the old straw buyers (possibly to keep them from pressing criminal charges in the event the local Miami-Dade cops investigate the matter).
The Herald concludes its report by stating that the company owned by the couple at the heart of the dubious deals, SeaSide Advantage, is still around; it has changed its focus to making both home and commercial loans, according to its website. For more, see Home buyers duped into foreclosure.
posted by Home Equity Theft Reporter at 12:22 AM
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