Ex-Central Fla. Closing Agent Feels Heat From All Sides As Feds, Title Underwriter, Bank All Press Legal Actions In Alleged Major Mortgage Fraud Case
In Sarasota, Florida, the Sarasota Herald Tribune reports:
- AS SHE STRUGGLES to defend herself against criminal charges that she assisted with one of the largest mortgage fraud schemes in Florida history, Lisa Rotolo is also having to answer civil lawsuits alleging that her "negligent or fraudulent actions" cost banks and title agencies hundreds of thousands of dollars.
- In August, First American Title Insurance filed a suit accusing Rotolo of breaching her agency agreement by failing to "conduct business in an ethical and honest manner." As a title agent, Rotolo was responsible for ordering title insurance, getting deeds and mortgages signed and distributing proceeds from real estate sales. Four months later, Chevy Chase Bank weighed in with a suit of its own, stating that Rotolo failed to follow closing instructions in loans made to Sarasota appraiser Heather Kabobel and mortgage broker Jonathan Glucker.
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- Last summer, the Herald-Tribune published a series of stories(1) showing how Rotolo, Kabobel, Glucker and dozens of their associates were involved in a scheme orchestrated by Sarasota real estate agent Craig Adams to maximize loan money by artificially inflating real estate values. Adams turned himself in to the FBI two years ago, and his statements to federal agents resulted in Rotolo's arrest on charges of conspiracy, bank fraud, wire fraud and making false statements in connection with loan applications, court documents filed with the U.S. District Court in Tampa show.
- Approached at the Sarasota Target store where she now works, Rotolo declined to comment. But her husband, Jay Rotolo, said his wife has been cooperating with law enforcement officials for nearly a year.
For more, see Embattled on 2 sides in flipping case.
(1) See:
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