Former RI Real Estate Attorney, Mortgage Loan Originator Sentenced to Federal Prison for Fraud
Friday, April 28, 2017
A former Rhode Island real estate attorney and a mortgage loan originator will serve time in federal prison for a mortgage fraud and identity theft scheme.
Former real estate attorney Louis Marandola, 42, of Providence and former licensed loan originator Brian McCaffrey, 38, of Warwick, have been sentenced to 48 and 18 months in federal prison respectively, followed by 3 years supervised release for their part in a scheme to get money they were not entitled to from financial institutions and individuals through mortgage loans, residential property sales and feels.
Marandola pleaded guilty to conspiracy to commit bank fraud and aggravated identity theft on January 13, 2017. McCaffrey pleaded guilty to conspiracy to commit bank fraud and bank fraud on January 27, 2017.
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Two co-defendants in the case, Raffaele M. Marziale, 41, of Bristol, a former loan officer who pleaded guilty on February 29, 2016, to conspiracy to commit bank fraud, bank fraud, and aggravated identity theft; and Edwin Rodriguez, 35, of Pawtucket, a real estate investor who pleaded guilty on June 1, 2016, to conspiracy to commit bank fraud, bank fraud, aggravated identity theft and tampering with a witness, are awaiting sentencing.
Gina Ronci Mohamed, 46, of Lincoln, was sentenced on April 25, 2017, to two years probation. Ronci pleaded guilty on April 22, 2016, to making a false statement to HUD.
The Investigation
According to court documents and information presented to the court, an investigation by the United States Attorney’s Office, HUD-OIG, U.S. Secret Service and Rhode Island State Police determined that between 2007 and 2014, the defendants conspired to execute a scheme, which caused prospective homebuyers to obtain mortgages from financial institutions based upon materially false loan applications and fraudulent supporting documentation.
As part of the conspiracy, false representations were made in order to obtain fees to which the defendants were not entitled or to make a profit selling property in which they had an ownership interest. In some instances, thousands of dollars were fraudulently obtained by misrepresenting on a HUD form the amount of funds due or to be paid to one of the parties involved in a transaction.
In multiple instances, the defendants concealed their involvement in the scheme by conducting business under the names of several different entities and individuals.
At times, the defendants used stolen identities to further the fraud and to conceal their connection to the real estate transactions.
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