Real estate broker pleads guilty in mortgage scam

TAMPA — Real estate broker Osbel Sanchez, 45, of Tampa, is one of two Florida real estate professionals to admit to charges in a mortgage loan scam.

Sanchez and David Cevallos 46, of Miami, each pleaded guilty to conspiracy to commit wire fraud affecting a financial institution, according to a statement from the U.S. Attorney's office.

According to the plea agreements, between summer 2008 and January 2009, Cevallos and Sanchez conspired with each other and others to fraudulently induce lenders into making mortgage loans based upon false information. Cevallos and Sanchez, authorities contended, would make or cover up false statements made to the lenders regarding the source of down payments for the real estate transactions, and the manner in which the mortgage funds would be distributed. Most of these transactions involved Tribute Residential, a real estate development company operated by co-conspirator Rebecca Gheiler, officials alleged.