MIAMI (AP) — Three people have been sentenced to prison for operating a South Florida mortgage fraud scheme that involved at least $2.4 million in falsely obtained loans.
Federal prosecutors said Friday that 64-year-old real estate agent and mortgage broker Jose Armando Alvarado got the longest sentence at more than 11 years in prison.
Former loan closer and title agent Alberto Morejon, 27, got three years behind bars. The sister of Alvarado and Morejon's mother, 58-year Reyna Orts, was sentenced to more than four years in prison.
Trial evidence showed the three operated several real estate companies used to fraudulently obtain loans. Prosecutors say that included use of false tax returns, fake employment records and phony bank statements.