Title Company Owner, Appraiser, Straw Buyer Recruiter Sentenced In Mortgage Scam Involving 55 Condos Netting $18.5M

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

• Authorities say the owner of a West Palm Beach real estate title company has been sentenced to five years in prison for her part in a a mortgage fraud scheme. Federal prosecutors say Evelyn Rivera, a licensed title agent and owner of Asset Title LLC, received her sentence on Friday.

• Rivera had previously pleaded guilty to participating in a scheme to net $18.5 million from fraudulent mortgages on 55 Fort Lauderdale condominium units. Authorities discovered the fraud after about $690,000 in fraudulent mortgage loans had been issued on two units.

• Mike Acosta, a licensed property appraiser, and William Louisma, a recruiter of straw buyers, were also convicted for their roles in the scheme. Acosta was sentenced to 41 months in prison, and Louisma was sentenced to 46 months.

Source: Title Company Owner Sentenced For Mortgage Fraud.

For the U.S. Attorney's press release, see West Palm Beach Title Agent Sentenced On Mortgage Fraud Charges.