twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

subscribe to free Mortgage Daily email newsletter

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

P R E S S   R E L E A S E


April 19, 2013

Title Attorney, Two Mortgage Brokers And Their Coconspirators Sentenced In Mortgage Fraud Scheme

Wifredo A. Ferrer, U.S. Attorney for the Southern District of Florida, and J.D. Patterson, Director, Miami-Dade Police Department (MDPD), announced the sentencing of Rafael Ubieta, 50, of Miami, Florida, and Angel Barroso, 46, of Miami, Florida, following their January 2013 convictions of conspiracy to commit wire fraud and wire fraud, as well as the sentencing of Joel Zaldivar, 33, of Studio City, California, and Kyle Baker, 33, of Beverly, Massachusetts, following their January 2013 guilty pleas to conspiracy to commit wire fraud. Ubieta, a Title Attorney, was sentenced to 240 months (20 years) of imprisonment. Barroso was sentenced to 210 months of imprisonment. Zaldivar and Baker, who were both Mortgage Brokers, were each sentenced to 48 months of imprisonment. Two other co-defendants, Martha Otero and Fernando Tolon, were previously sentenced to 78 months of imprisonment and 37 months of imprisonment, respectively, following their December 2012 guilty pleas to conspiracy to commit wire fraud. All sentences were imposed by United States District Judge K. Michael Moore.

According to the evidence presented at trial, Ubieta, a member of the Florida Bar, served as the Title Attorney for multiple fraudulent real estate transactions involving the use of straw buyers on whose behalf loan applications and supporting documents containing false information were submitted to various mortgage lenders across the United States by Zaldivar and Baker, who, at the time, were Mortgage Brokers and the Presidents of First Class Mortgage and Lending Corp. Straw buyers were recruited and paid by Barroso, Otero and Tolon. After the lenders approved the loans based on the false information provided, defendant Ubieta, then President of Bayside Title Services, Inc., prepared false HUD-1 Settlement Statements that contained false information. For example, the forms falsely represented to the lenders that the straw buyers were bringing their own money to closing. None of the straw buyers brought their own money to closing. Instead, on multiple occasions Ubieta released lenders' proceeds to other members of the conspiracy, including Barroso and Otero, prior to receiving the buyers' required cash-to-close payments. Members of the conspiracy, including Barroso and Otero, then used those proceeds to make the cash-to-close payments on behalf of the straw buyers. Ubieta also signed multiple Title Commitments falsely stating who the owner of record was on various properties. The false Title Commitments allowed Ubieta to conduct real estate closings in which an initial straw buyer resold properties to a second straw buyer before the initial straw buyer appeared as the owner of the property in the public records.

Mr. Ferrer commended the investigative efforts of the MDPD.

Source: United States Attorney's Office for the Southern District of Florida

mortgage fraud case stories

mortgage fraud headlines

mortgage fraud blog

Mortgage Daily headlines

Local Mortgage Fraud news
News about local mortgage fraud.

Logout forgot

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.

Mortgage Fraud Index
Dollar and index amount by quarter and state.

Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013

Mortgage Fraud News
News stories about fraud committed against home lenders.

Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.

local mortgage fraud

mortgage fraud links

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news