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PRESS RELEASE: Loan Officer, Alejandro Curbelo Pleads Guilty for Role in Mortgage Fraud Scheme That Resulted in More Than $6.5 Million in Losses

Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE
Tuesday, April 17, 2012

Loan Officer Pleads Guilty for Role in Mortgage Fraud Scheme That Resulted in More Than $6.5 Million in Losses

WASHINGTON – A loan officer for a Florida mortgage company pleaded guilty late yesterday in the Southern District of Florida to one count of conspiracy to commit wire fraud for his role in a mortgage fraud scheme, Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division, U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida and Department of Housing and Urban Development (HUD) Inspector General David A. Montoya announced today.

Alejandro Curbelo, 32, aka Alex Curbelo, of Miami, pleaded guilty before U.S. District Judge Joan Lenard. Curbelo was indicted and arrested on Jan. 24, 2012.

According to court documents, from approximately February 2006 through July 2008, Curbelo was employed as a loan officer for Great Country Mortgage Bankers. In this role, he assisted in the sales and financing of condominium units at two complexes in Florida – Dadeland Place and Pelican Cove on the Bay. The borrowers Curbelo assisted at these two complexes were unqualified to obtain mortgage loans due to insufficient income, high levels of debts and outstanding collections.

Curbelo admitted that he conspired with others to create and submit false and fraudulent Federal Housing Administration (FHA) mortgage loan applications and accompanying documents to a lender on behalf of the unqualified borrowers. Curbelo and others offered the borrowers cash back after closing as an incentive for them to purchase the units. These payments were not disclosed properly during the loan application process. According to court documents, the closing costs were paid on behalf of the borrowers by interstate wire. After the loans closed, the unqualified borrowers failed to meet their monthly mortgage obligations and defaulted on their loans.

According to court documents, when the loans went into foreclosure, HUD, which insured the loans, was required to take title to the units and pay the outstanding loan balances to the lenders. As of the date of the plea agreement, the actual loss related to Curbelo’s conduct that was paid by HUD was more than $6.5 million.

Curbelo is scheduled to be sentenced on June 25, 2012. He faces a maximum prison sentence of 20 years.

This case was investigated by the HUD Office of Inspector General, as participants in the Miami Mortgage Fraud Strike Force. Trial Attorney Mary Ann McCarthy of the Fraud Section in the Justice Department’s Criminal Division is prosecuting the case with assistance from the U.S. Attorney’s Office for the Southern District of Florida.

This prosecution is part of efforts under way by the Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets and recover proceeds for victims of financial crimes.

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About FREDERICA CADE

The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can't make anybody believe that he has it. ~~~~Will Rogers __The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has ever been before.~ Albert Einstein _________________________________________I'm a Citizen that takes Politics seriously. I Research and try to Blog or Post things you don't normally hear. Do we want Politics involving Smoke and Mirrors or the Truth? fredericacade@gmail.com_______________________________________________ ~"I never work better than when I am inspired by anger; for when I am angry, I can write, pray, and preach well, for then my whole temperament is quickened, my understandingsharpen​ed, and all mundane vexations and temptations depart.” ~Dr. Martin Luther King Jr. _________________________________________________________________________________________ ~"The bosom of America is open to receive not only the Opulent and respectable Stranger, but the oppressed and persecuted of all Nations and Religions; whom we shall welcome to a participation of all our rights and privileges, if by decency and propriety of conduct they appear to merit the enjoyment".~___________________________________ George Washington, Address to the Members of the Volunteer Association of Ireland, December 2, 1783

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