A former vice president of Argent Mortgage Co., an account executive and two mortgage brokers have been charged in a mortgage fraud scheme involving hundreds of loans.
Over 280 fraudulent loans for more than $34 million were funded through the scheme, according to an announcement today from Florida’s attorney general and the state’s Department of Law Enforcement commissioner. Loans were secured by properties in Hillsborough, Pinellas and Polk counties.
Former Argent vice president Orson Benn is accused of accepting more than $100,000 from Tampa mortgage brokers David Tuggle Jr. and Eric Steinhauser to ensure the bad loans were approved. Tuggle and Steinhauser worked at Sunstate Mortgage Co.
All three were charged in the scheme that spanned more than two years.
Also charged was Argent account executive Constance Golder, who allegedly helped facilitate the process by acting as a liaison between Benn and the two brokers.
With the help of Argent, which was acquired by Citigroup last summer, prosecutors will focus on just 11 transactions.
Benn, who is also facing prior mortgage fraud charges in Polk County, is suspected of operating similar schemes with numerous other Florida mortgage brokers.
“After the initial investigation of Benn’s activities, the investigation was expanded to include additional targets that were actively engaged in fraud with Benn, who has been charged with racketeering, conspiracy to commit racketeering, mortgage fraud and grand theft,” the announcement said. “If convicted, he could face up to 95 years in prison.”
