Mortgage Broker Fined, Sentenced

 
The 188-month sentence is a clear sign that those responsible for mortgage fraud are being held accountable, Robert O’Neill, United States Attorney for the Middle District of Florida, said in a press statement. 
 
A federal judge sentenced Peter Bakowski to more than 15 years in federal prison, and ordered him to pay $16.1 million in restitution, after he pled guilty on charges related to a mortgage fraud scheme.
 
The 188-month sentence is a clear sign that those responsible for mortgage fraud are being held accountable, Robert O’Neill, United States Attorney for the Middle District of Florida, said in a press statement.
 
Bakowski, a Tampa resident and a Florida-licensed mortgage broker, was involved in a Ponzi-type scheme, the statement said.
 
Since 2004, he was involved in multiple sales of the same mortgage to more than one person, and in order to keep the scheme afloat, he would pay returns on the preceding investor’s investments with money from subsequent investors.
 
There were more than 30 victims, including investors and institutions, and more than 150 properties involved, the statement said.
 
 
Read more: Mortgage broker fined, sentenced – Tampa Bay Business Journal 
 
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