Georgia Couple Charged In Mortgage Fraud Scheme

By   /  July 12, 2018  /  Comments Off on Georgia Couple Charged In Mortgage Fraud Scheme

    Print       Email

Source: United States Attorneys General

Orlando, FL – A federal indictment has been unsealed charging Geo Geovanni (49) and Elizabeth Longerbone (39), both of Moultrie, Georgia, with conspiracy to commit bank fraud and four counts of bank fraud. If convicted, each faces a maximum penalty of 30 years in federal prison for each count. 

According to the indictment, Geovanni and Longerbone devised and executed a mortgage fraud scheme involving “The Landing,” a condominium conversion of a former apartment complex located in Altamonte Springs. The scheme involved providing the cash-to-close funds on behalf of the buyers, guarantying tenants and rental payments to the buyers, as well as paying post-closing kickbacks of mortgage proceeds to buyers and co-conspirators through entities that Geovanni and Longerbone controlled. None of the incentives or kickbacks were disclosed to the financial institutions that had approved and funded the mortgage loans. 

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

This case was investigated by the Federal Housing Finance Agency – Office of Inspector General and the FBI. It will be prosecuted by Special Assistant United States Attorney Chris Poor.

MIL Security OSI

    Print       Email