Florida Mortgage Broker Gets Two Years for Wire Fraud – NMP Skip to main content

Florida Mortgage Broker Gets Two Years for Wire Fraud

NationalMortgageProfessional.com
Jan 16, 2012

U.S. Attorney Robert E. O’Neill has announced that Chief U.S. District Judge Anne C. Conway has sentenced Keith Davis of Jacksonville, Fla. to two years in federal prison for conspiracy to commit wire fraud. As part of sentence, the court also ordered him to pay $1,004,000.04 in restitution to the victims of his crime. Davis previously pled guilty on July 6, 2011. This case was investigated by the Federal Bureau of Investigation (FBI) and the Florida Office of Financial Regulation. According to court documents, Davis, a mortgage broker and real estate marketer, owned and operated TLC Mortgage, and used the firm to market condominium projects to buyers looking for investment properties. To attract buyers to these projects, financial incentives were provided to buyers and masked on the HUD-1 to fraudulently obtain loans. From 2008 until February 2009, Davis used TLC to market condominiums to buyers, assist buyers in fraudulently obtaining loans in excess of the purchase price, and received kickbacks after closing. In total, Davis caused approximately $1,004,000.04 in loss to his victims.
Published
Jan 16, 2012
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