Realtor indicted in failed condo conversion

TAMPA -- A former Realtor has been indicted on mortgage fraud conspiracy and bank fraud in what federal prosecutors say was a kickback scheme involving a failed condominium conversion.

Joseph Pasquale faces up to 90 years in prison if convicted on all counts, and could be on the hook to repay undisclosed damages.

Pasquale helped sell condominium units at The Arbors at Carrollwood at 3939 Ehrlich Road, according to prosecutors, beginning in 2005 through a company he maintained called Capital Management Guarantee LLC. Pasquale and Brenden Bolger allegedly enticed buyers to purchase units by adding a clause to sales contracts that provided a design credit to upgrade each unit's amenities.