MIAMI — The last of 24 people charged in a $64 million South Florida mortgage fraud scheme is heading to federal prison for 11 years.
Former Great Country Mortgage Bankers owner Hector Hernandez will serve the longest prison term of anyone involved in the massive scheme and also must pay more than $64 million in restitution. Hernandez pleaded guilty to wire fraud conspiracy involving a financial institution earlier this year.
His sentence also includes forfeiture of $8 million in ill-gotten gains.
The scheme involved condominium buildings in which Hernandez was a part owner. Court documents show Great Country obtained Federal Housing Administration loans for condo purchases by submitting applications for unqualified buyers. Borrowers were also paid as an inducement to buy units.
Others pleading guilty were loan officers, loan processors and underwriters.