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FORT MYERS — A federal jury found a real estate agent guilty of bank fraud in connection with the sale of condos in Tampa during the real estate downturn.
The jury found Joseph Pasquale, 39, of Fort Myers, guilty of four counts of bank fraud and one count of conspiracy to commit bank fraud, according to a statement from the U.S. Attorney's office. He faces a maximum penalty of 30 years in prison for each count. Sentencing is scheduled for April 8.
According to a statement from the U.S. Attorney's office, Pasquale arranged for incentives and private loans for buyers of four condos at the Arbors of Carrollwood in Tampa in 2007 and 2008. Pasquale concealed the incentives from mortgage lenders, which these buyers used to bring cash to their closings.
As a result, Pasquale caused Wells Fargo to lose $937,000 when the mortgages involved in the case went into foreclosure, authorities contended.
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