South Florida Feds Charge Three In Alleged Mortgage Scam Resulting In $6M In Fraudulently Obtained Loan Proceeds

From the office of the U.S. Attorney - Southern District Of Florida:

• R. Alexander Acosta, United States Attorney for the Southern District of Florida, [and a host of other law enforcement officials] announced that defendants Berry Louidort, Lauren Jasky, and Ralph Michel, of Palm Beach County, were charged in a Criminal Complaint filed in federal court on April 22, 2008. [...] The defendants are charged with bank fraud [...].

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• [According to the criminal complaint], this investigation began with an audit conducted by the Florida Office of Financial Regulation into 24 sub-prime mortgage loans in the period November 2006 to June 2007. The initial audit showed that the loans included what appeared to be excessively large fees paid to defendants Berry Louidort and Ralph Michel. The fees, ranging from $29,000 to $650,000, were described as marketing and/or assignment fees. In reality, the fees were kickbacks to defendants Louidort and Michel based on inflated sales prices. The audit also revealed that the majority of the suspect loans were originated by defendant Lauren Jasky, Senior Vice President of Compass Mortgage Services, located in Boca Raton, Florida.

For more, see U.S. Attorney Press Release: Palm Beach County Residents Charged With Mortgage Fraud.

Go here for other posts on this alleged flipping scam.