Friday, May 4, 2012

Closing Agent Cops Guilty Plea For Illegally Diverting Escrow Funds From Real Estate Closings

From the Office of the U.S. Attorney (Miami, Florida):

  • [D]efendant Linda Irene Rovetto, 69, of Lake County, pled guilty [] in connection with her participation in a bank fraud conspiracy scheme. More specifically, Rovetto pled guilty to converting and misdirecting more than $3.5 million of real estate escrow funds, in violation of Title 18, United States Code, Sections 1344 and 1349.
  • On December 9, 2010, defendant Rovetto and three others were indicted on bank fraud, conspiracy, and related mortgage fraud charges. According to the charges, Rovetto, through her company Florida Lakes Title & Closing, LLC, along with various co-defendants, were diverting escrowed mortgaged funds from real estate closings.

  • In this way, the defendants diverted more than $3.5 million in mortgage loans to Raviworld New Homes, Inc., a company managed by codefendant Bhaardwaj Seecharan. Bhaardwaj Seecharan pled guilty on April 2, 2012 to the same charges as Rovetto.
For the U.S. Attorney press release, see Lake County Woman Pleads Guilty to Bank Fraud Conspiracy Charges.

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