Two mortgage brokers and a title attorney have been sentenced to multiple years in prison for their parts in a $37 million mortgage scam.
America’s Best Mortgage Services broker Richard Crowder got 11 years for luring buyers to a fraudulent no-money-down financing scheme to purchase 17 condos complexes called Continuum and Point of Aventura, both on Miami Beach.
His accomplices, title attorney Gary Mills, owner of Four Star Title, and former Wachovia loan officer Karen Lynn Sullivan, got 46 months and 50 months in jail respectively.
Officials charged that Sullivan would draw up phony closing documents showing the would-be buyers already owned the units, then she would help get fraudulent home equity credit lines. The money was used to make down payments on first mortgages for the same units and pay the fees and commissions.
Source: Miami Herald, Monica Hatcher (04/25/08)
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