A Clermont man is facing up to three decades in federal prison for his involvement in a mortgage fraud scheme that targeted banks.
On Friday, May 9, U.S. Attorney Gregory W. Kehoe announced that 56-year-old Carlos Calderon has pleaded guilty to conspiracy to commit bank fraud.
According to the plea agreement and court records, Calderon conspired with other individuals to create and execute a mortgage fraud scheme targeting financial institutions.
Calderon created fictitious and fraudulent paystubs showing that borrowers, who would otherwise be deemed “unqualified” for mortgage loans, had earned enough income from various companies to qualify for a loan. He then sent these fraudulent documents to an unidentified co-conspirator, who submitted the paperwork to banks.
“Based on Calderon’s and his co-conspirators’ misrepresentations, the financial institutions approved and funded the mortgage loans,” said the U.S. Attorney’s Office for the Middle District of Florida in a press release.
The fraudulent mortgages were then purchased and guaranteed by Freddie Mac and the Federal Housing Administration.
A sentencing hearing for Calderon has not yet been scheduled. He is facing a maximum penalty of 30 years’ imprisonment.
This case was investigated by the Federal Housing Finance Agency – Office of Inspector General and the U.S. Department of Housing and Urban Development – Office of Inspector General. It is being prosecuted by Special Assistant U.S. Attorney Chris Poor.