Florida Mortgage Broker, Closing Agent Sentenced In Equity Stripping / Home Improvement Scam Targeting Seniors

Tthe North Country Gazette reports that Hillsborough County, Florida resident and mortgage broker Michael Danish (10 years in prison, 20 years probation) and title insurance agency owner Donna Whitlock (probation) were sentenced for their roles in a home improvement / equity stripping scam that targeted the elderly. The story reports:

• Michael Danish was involved in a mortgage fraud scheme that victimized more than 20 individuals who were looking to use home mortgages to purchase air conditioning systems. [...] According to the investigation, Danish frequently obtained mortgages in amounts exceeding the homeowners’ requests, even obtaining some loans of which the homeowners were completely unaware. He also collected third-party checks which were required to be paid out of the loan proceeds and converted the funds to his own use, leaving many homeowners’ bills unpaid. Danish fraudulently obtained over $400,000 from more than 20 victims, many of whom were senior citizens.

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• Whitlock [owner of Bay Point Title, Inc.] allowed Danish to close loans outside of her office and notarized the signatures without the signees being present.

Danish pleaded guilty to aggravated white collar crime, failure to disburse funds in accordance with agreements and notary fraud. Whitlock pleaded guilty to notary fraud. Both are liable for the entire amount of restitution ordered by the court. For more, see Florida Broker Pleads Guilty To Fraud.

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