Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office; Henry Gutierrez, Postal Inspector in Charge, U.S. Postal Inspection Service; J. Thomas Cardwell, Commissioner, State of Florida’s Office of Financial Regulations; Amos Rojas Jr., Special Agent in Charge, Florida Department of Law Enforcement; and Alex Sink, Chief Financial Officer, Florida Department of Financial Services, have jointly announced the filing of a criminal information against defendant Stanley Gabart of Miami, Fla. The defendant surrendered on July 8, 2010, and made his initial appearance in West Palm Beach federal court. The two-count information charges defendant Gabart with conspiracy to commit bank fraud and making false statements on loan applications to Bank of America and JP Morgan Chase Bank NA, in connection with the purchase of various properties. If convicted, the defendant faces a maximum statutory term of imprisonment of 30 years on each count. According to the allegations in the information, Gabart conspired with others to submit loan applications for properties that contained false information about the applicants’ employment, income, assets and intention to live in the homes. In addition, Gabart allegedly recruited straw purchasers and paid the straw purchasers a fee for participating in the scheme. The fraud scheme resulted in more than $7 million in losses to several banks. This case is the result of the investigative efforts of the multi-agency Palm Beach Mortgage Fraud Task Force. Ferrer commended the investigative efforts of the FBI, U.S. Postal Service, State of Florida’s Office of Financial Regulation, FDLE, and State of Florida’s Department of Financial Services. The case is being prosecuted by Assistant U.S. Attorney Ellen Cohen. For more information, visit http://miami.fbi.gov.