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SARASOTA — Onetime local banker Edward M. Bangasser was sentenced to 15 months in federal prison for his role in a Sarasota-area mortgage fraud case.
A loan officer for Washington Mutual Bank from 2004-2006, Bangasser pleaded guilty in December to wire fraud and conspiracy to defraud banks. Prosecutors contended Bangasser assisted “borrowers, along with other conspirators working in conjunction with the borrowers, in submitting false loan documents to WAMU to secure mortgages on residential homes.”
Bangasser, 66, was part of a real estate fraud case that includes defendants Craig Adams and Richard Bobka, according to a release from the U.S. Attorney's office for the Middle District of Florida. Adams and Bobka previously pleaded guilty in the case, and are awaiting sentencing. In total, 19 defendants have been convicted or accepted guilty pleas in the case.
U.S. District Judge Virginia Hernandez Covington sentenced Bangasser. In addition to the 15 months in prison, Bangasser must serve six months of home detention following his release. He was also ordered to pay $450,000 in restitution.
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