Alejandro Alex Curbelo, a 32-year-old Miami man, was sentenced in federal court in Miami to 54 months in prison and ordered to pay $9.2 million in restitution to the U.S. Department of Housing and Urban Development for his involvement in a mortgage-fraud scheme.
Curbelo. a loan officer for Great Country Mortgage Bankers between February 2006 and July 2008, had pleaded guilty in April to one count of conspiracy to commit wire fraud in connection with loans made to purchase condo units at two complexes, Dadeland Place, in Miami, and Pelican Cove on the Bay, in Merritt Island.
According to a statement from the Justice Department, Curbelo admitted to participating in a scheme to prepare fraudulent Federal Housing Administration mortgage applications and related documents on behalf of various unqualified borrowers. The government said the borrowers were offered cash back at closing payments that werent properly disclosed in the loan papers. When the buyers defaulted on the loans, HUD was on the hook to pay off the balances to the lenders.
The case was investigated by the HUD Office of Inspector General, in cooperation with the Miami Mortgage Fraud Strike Force.