Busted: 14 arrested in 'the largest mortgage fraud conspiracy in Sarasota, Florida history'

[seafan]

Organized financial piracy against the people of the United States.


14 indicted on 44 counts in Sarasota real estate flipping fraud investigation


By Matthew Doig & Anthony Cormier
Sarasota Herald Tribune

February 25, 2011 at 12:06 p.m.

Fourteen people are now facing federal charges in what law enforcement officials described Friday as the largest mortgage fraud conspiracy in Sarasota history.

During a press conference, U.S. Attorney Robert E. O'Neill unsealed court documents that explain how former real estate agent Craig Adams and a group of associates defrauded banks out of $47 million by flipping properties for overstated prices and fooling lenders into writing inflated mortgage loans.

The list of those indicted include some of Sarasota's highest-flying real estate professionals — people who got rich during the real estate boom only to lose it all when the market turned.

Those named in the unsealed indictments are only a fraction of the group Adams worked with during the past decade. A 2009 Herald-Tribune investigation uncovered roughly two dozen people in Adams' flipping circle, with a combined $100 million in mortgage defaults between them.

.....

More arrests on the way.

[Dappleganger]

1. kick

[RC]

2. Any Bush's on the list?

Marvin Bush, George W. Bush, George H. W. Bush, Jeb Bush, Neil Bush, George P. Bush, Pierce Bush.

How about any Koch's? Georgia Grace Koch, Robert P. Koch, Bobby Koch.

[onethatcares]

3. as I read that story today

I thought, "but it was loaning money for houses to minorities and low income people that brought about the housing crash"

I am glad to see some of those suits being named. The story that they lost it all when the market turned is bullshit, they had plenty of

cash, not just houses.

I'll be watching to see how this turns out.

[The Backlash Cometh]

9. Essentially, they were blaming minorities for their bad gambles?

[seafan]

4. This is the initial wave of arrests, according to Florida law enforcement.

There is no wonder why our fraudster governor wants to strip out collective bargaining from our state constitution. Apparently, he would prefer to hinder the power of the police to serve the public.


Wonder how many of these criminals are pals of Rick Scott?


Or of Jeff Greene, for that matter.


Here is the arrest list thus far:

• (Craig) Adams, the former Sarasota real estate agent who organized a ring of about two dozen property flippers.

• Jonathan Glucker, a mortgage broker who socialized with Adams and helped him qualify for mortgages.

• Heather Kabobel, Glucker's wife and a real estate appraiser, who was involved in several deals with Adams' associates.

• Lisa Rotolo, the primary title agent used by Adams and his associates in their real estate deals. Rotolo was arrested by the FBI last April over her role in the flipping and was cooperating with investigators.

•Richard Bobka, described by some as Adams' protégé. Bobka, who worked with Adams at Re/Max Properties and at Paradigm Group in Sarasota, was involved in five deals with Adams or his associates and went on to flip properties with his own buyers, including his parents, brother and sister-in-law.

• George Cavallo, George Bobka Sr. and Paula Hornberger — Rich Bobka's family members — who bought and sold properties among themselves or Adams' associates.

.....

Rounding out the list of 14 were:

Investors Derek Luther, Jeffrey Berghorn, Joel Streinz, Thomas Brustad, Joseph Dirocco; Bonnie Katz, a worker at Rotolo's title agency



Conspiracy, racketeering, fraud, massive financial theft.


Time to prepare some prison cells.

[hobbit709]

5. Chump change bit players.

Let's see them go after the big boys like Goldman Sachs, etc.

[BobbyBoring]

6. Really

In one CA county alone 83% of mortgages written by WAMU (now Chase) were bogus in one way or the other. That's just 1 county.

So much for Ws ownership society~

[hobbit709]

7. These guys are charged with stealing $47 MILLION. How many BILLIONS did the big boys steal?

[HowHasItComeToThis]

8. THESE REPUBS ARE LIKE A CANCER and seem to be BORED AGAIN CRUSTACEANS