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TAMPA — Jason Martin, 36 of Orange County, Calf., pleaded guilty to mortgage fraud conspiracy involving bank and wire fraud.
In 2005, entities controlled by Martin, a mortgage broker, and co-conspirators entered into a contract to purchase The Arbors, an apartment complex in Hillsborough County, a statement says. They planned to convert the complex from apartments to condos.
The group then engaged in a scheme to defraud mortgage lenders with a set of incentives, including rental supplements, payment of homeowner's association fees and kickbacks to buyers after closing, the statement says. These incentives were deliberately hidden from the lenders.
Martin's role in the conspiracy involved originating mortgages through Envision Lending and Set 2 Go Loans, according to the statement. The loan applications, containing material misrepresentations like false occupancy and inflated borrower income, were submitted to FDIC-insured institutions and other mortgage lenders. He also provided borrowers with cash through his company, HUMAR Investments, without disclosing the payments to lenders, the statement says.
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