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Ex-lawyer to serve 70 months in prison for Birmingham, Bloomfield real estate scheme
A former Oakland County lawyer will serve 70 months in federal custody because of his role in a real estate scheme that caused Fifth Third Mortgage to release more than $8 million for upscale developments.Paul Nicoletti, whose license to practice law was suspended in May, also must pay restitution totaling $5.3 million and serve two years of supervised release upon walking away from federal prison.
U.S. District Judge Victoria Roberts sentenced Nicoletti, owner of a Bloomfield Hills title company, last week.
According to the U.S. Department of Justice, a jury returned guilty verdicts on one count of conspiracy to commit bank fraud and three counts of bank fraud, aiding and abetting, in May after a trial. He was indicted in 2015 for 2005 loan practices.
Officials said in their press release Nicolette was part of a scheme to obtain large mortgage loans from Fifth Third Mortgage, a lending arm of Fifth Third Bank.
The scheme involved real estate developers, a corrupt loan officer and Nicoletti working together to obtain large mortgage loans, purportedly for the purchase and development of high-end properties in Bloomfield Hills and Birmingham.
Numerous false statements were made during the application and closing process involving “straw buyers.
One or more conspirators would find and recruit “straw buyers” who would serve as mortgage loan applicants intent on purchasing properties the conspirators wanted to both purchase and develop.
The “straw buyers” viewed themselves as “investors.” They were paid a fee for the use of their names and credit histories on loan applications and real estate transactions and promised a portion of the expected profits from the properties being developed and resold.
The straw buyers had no intention of living at or exercising ownership and control of the properties.
This was contrary to representations in their applications and in closing documents.
False information pertaining to their income and assets was included in the mortgage loan applications.
Nicoletti’s role was as the title agent that, among other things, falsely verified that the borrowers made substantial down payments on properties.
Nicoletti apparently obtained cashiers checks that were issued after loan proceeds were released to his Continental Title account and which were funded by the loan proceeds themselves.
Names of the straw buyers appeared as “remitters,” and the checks were then re-deposited into Nicoletti’s Continental Title account, making it look like there were big down payments.
Prosecutors said Nicoletti destroyed relevant electronic and paper records when authorities discovered the fraud.
Nicoletti is one of several people convicted in the FBI’s investigation. A loan officer, mortgage broker, appraiser and several of the real estate developers have previously been sentenced after entering guilty pleas relating to the scheme, according to the DOJ.
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1 comment:
It seems this fraud scheme was Part of the porn network, but what age? https://mfi-miami.com/2015/09/porn-lawyer-charged-with-bank-fraud/
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