Man Ripped Off Absentee Owners Of Title To Mortgage-Free Properties, Pocketing Proceeds Of Fraudulently Obtained Mortgages In The Process, Say Feds

From the Office of the U.S. Attorney (Orlando, Florida):

• United States Attorney A. Brian Albritton announces the arrest yesterday of Edwin M. Lugo-Abreu (age 34, of Orlando) on an indictment(1) charging him with mortgage fraud. If convicted on all counts, Lugo-Abreu faces a maximum penalty of 20 years in federal prison. According to the indictment, Lugo-Abreu devised a scheme to defraud E-Loan, The Lending Group Inc., and WMC Mortgage Corporation by falsifying and fraudulently applying for mortgage financing and fraudulently transferring title ownership of properties used to secure the mortgage financing.(2)

For the U.S. Attorney press release, see Orlando Man Arrested For Mortgage Fraud Conspiracy.

(1) Three other individuals, Alexis Izazaga, Carlos Valentin and Yariel Valentin, have entered guilty pleas and been sentenced in connection with this scheme.

(2) The indictment alleges that Lugo-Abreu identified properties that were unencumbered by mortgage liens that were owned by absentee owners and used bogus quit claim deeds to fraudulently transfer the titles thereto out of their names (Indictment, paragraphs 7-11). DeedContraTheft