Miami-Dade Cops Make Major Bust In Alleged "Cash Back" Mortgage Fraud Scheme; Key Player Nabbed When Readying To Board Plane For Columbia

In Miami, Florida, WTVJ-TV Channel 6 reports:

• A special police task force organized to curb mortgage fraud arrested and charged about a dozen people on charges related to a major mortgage scam, police said. The Miami-Dade Mortgage Fraud Task Force arrested 17 people(1) in a $17 million enterprise. The Operation, known as “Operation: Life Is Good,” also arrested Monica Fergerson, who police said is a key player in the scam.

• Police said they arrested Ferguson just in time as she was about to board a plane to Colombia. She was charged with engaging in fraud to obtain cash back in closing without knowledge of the lenders, police said.

• Police said the scam, which involved 18 properties, had the seller closing with fake buyers, who work with mortgage companies that issue an illegitimate loan agreement for an inflated price.

For more, see Police Arrest 17 In Mortgage Fraud Raid (No Room For Probation, Police Say).

Postscript:

According to a press release from the Florida Attorney General's Office, on July 16, 2008, Fergusson, 37, has already pleaded guilty to conspiracy to commit racketeering, a first-degree felony punishable up to 30 years.(2)

(1) According to the Florida Attorney General's Office, among those in custody are: Mario Herrera, Deborah H. Herrera, Diana G. Diaz, Luis H. Garcia-Lopez, Mari Rodriguez-Triana, Raisa Diaz, Mario Jesus Lubian, Marlene M Norono, Sacha Rodriguez, Josephine Martinez, Andres Leiva-Medina, Danny A. Valdes, Lashinda Shawtrese Bois Moore, Fernando Boix-Lopez. They are facing charges of racketeering, conspiracy to commit racketeering, mortgage fraud, grand theft, identity theft and money laundering, according to the Florida AG.

(2) While Fergusson is the apparent winner of the "race to the prosecutor's office" by reportedly quickly copping a guilty plea, there is no word as to any possible slack they may give her should she squeal on her now-former alleged confederates in a successful prosecution.