Former Florida REALTOR Indicted on Conspiracy and Bank Fraud Charges

By
Education & Training TN LIC# 290452 (retired)

Former Florida Realtor Indicted on Conspiracy

and Bank Fraud Charges

U.S. Attorney’s Office March 27, 2015
  • Middle District of Florida (813) 274-6000

TAMPA, FL—United States Attorney A. Lee Bentley, III announces the unsealing of an indictment charging

Joseph Pasquale

(38, Worcester, MA) with one count of mortgage fraud conspiracy involving bank fraud and two counts of bank fraud. He faces a maximum penalty of 30 years’ imprisonment for each count. The indictment also notifies Pasquale that the United States is seeking a money judgment for the proceeds of the mortgage fraud conspiracy.

According to the indictment and court proceedings, in 2005, entities controlled by co-conspirators entered into a contract to purchase The Arbors, an apartment complex in Hillsborough County. The new owners of The Arbors then engaged in a plan to convert the complex from rental apartments to condominium units.

Pasquale’s co-conspirator, Brenden Bolger, aided the developers in the sale of numerous condominium units at The Arbors through his company, Capital Management Guarantee, LLC. In order to induce buyers to purchase units, Bolger created an addendum to the purchase contract that offered buyers various incentives, such as rental supplements, money to defray maintenance costs, and a design credit to upgrade the unit’s amenities. When the buyers cancelled the design credit within 10 days of signing the addendum, Bolger paid a kickback for the amount of the design credit to the buyer from Capital Management’s bank account. In this manner, Bolger, Pasquale, and other co-conspirators failed to disclose to buyers’ mortgage lenders material facts about the financing of the sale of The Arbors condominium units.

Pasquale’s alleged role in the conspiracy consisted of marketing The Arbors units. He did so by promising buyers closing cash and undisclosed incentives, providing closing cash to borrowers who purchased units, facilitating the payment of kickbacks to his clients via Capital Management Guarantee, and facilitating the submission of false loan applications to FDIC insured financial institutions.

Bolger previously pleaded guilty for his role in this scheme.

He is scheduled to be sentenced on June 22, 2015.

An indictment is merely a formal charge that a defendant has committed a violation of one or more federal criminal laws, and every defendant is presumed innocent unless, and until, proven guilty.

This case was investigated by the Federal Bureau of Investigation and the Federal Housing Finance Agency, Office of Inspector General. It is being prosecuted by Special Assistant United States Attorney Chris Poor and Assistant United States Attorney Jay Hoffer.

This content has been reproduced from its original source.
 
Posted by



David Saks



Time&Temp Memphis

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Rainmaker
3,582,339
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sounds to me like his marketing plan went just a little beyond what is legally acceptable, David.

Mar 27, 2015 09:05 PM #1
Ambassador
2,063,599
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

There are others out there that need to be caught and convicted. Too many get aways with fraud.

Mar 27, 2015 09:47 PM #2
Rainmaker
2,362,353
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Interesting information as always David...have a wonderful Saturday !

Mar 28, 2015 12:39 AM #3
Rainmaker
1,569,048
David Saks
Memphis, TN

The "design plan" was flawed, Gabe Sanders 

Mar 28, 2015 03:30 AM #4
Rainmaker
1,569,048
David Saks
Memphis, TN

Many won't get away, Barbara-Jo Roberts Berberi, MA, TRC - Greater Clearwater Florida Residential Real Estate Professional

Mar 28, 2015 03:32 AM #5
Rainmaker
1,569,048
David Saks
Memphis, TN

You too, Kristin Johnston, Waukesha Realtor 414-254-6647 !

Mar 28, 2015 03:32 AM #6
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