Architect Sentenced to 5 Years for Mortgage Fraud
Robert Policastro, 57, most recently of Vienna, Austria, was sentenced to five years and three months in federal prison for conspiracy to commit mail and wire fraud (mortgage fraud). The court also entered a money judgment in the amount of $9,082,394.20, the proceeds of the mortgage fraud conspiracy. Policastro had pleaded guilty on May 17, 2010.
According to court documents, Policastro, who was an architect, conspired with a Florida licensed title agent to commit mortgage fraud. Policastro took out primary loans to buy several million-dollar properties in Miami, and then, without the knowledge of the primary lender, obtained a "silent second" loan on each property. The "silent seconds" financed Policastro's down payments for the properties and allowed him secretly to take money out of the deals. To hide the "silent seconds," the title agent prepared false, "dueling" HUD-1s to send to both the primary and the "silent second" lenders so that each was unaware that Policastro had obtained two loans on each property. The loans were closed in Pinellas County.
Monday, September 13, 2010
Mortgage Fraud Blog - Architect Sentenced to 5 Years for Mortgage Fraud
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment