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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.
“Specifically, the parties represented to the lenders that down payments for these properties were being provided by the individuals purchasing the properties, when in fact they were provided by Cevallos or Sanchez,” says the statement from the U.S. Attorney's office. “After the transactions had closed and the mortgage funds were released to Tribute Residential, Gheiler would arrange for the post-closing payments of the mortgage proceeds to be provided to Cevallos's real estate firm, Metro Brokers.
As a result of those moves, lenders unknowingly funded the down payment for the transactions (as well as undisclosed commissions) from the mortgage proceeds themselves, officials say.
Sanchez and Cevallos each face a maximum penalty of 30 years in federal prison. Sanchez's sentencing hearing has been set for April 24 and Cevallos's sentencing hearing has been set for May 8.
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