Three indicted for Versailles mortgage scam

By Palm Beach Business.com

WEST PALM BEACH — Three South Florida men have been indicted on conspiracy to commit fraud charges in connection with a scheme to secure bogus mortgages on homes in the Versailles development in Wellington.

U.S. Attorney Wifredo A. Ferrer announced the unsealing of an 11-count indictment against Patrick Brinson, 34 of Miami, David Lam, 42 of Parkland and Godfrey Myles, 42 of Miami in connection with $2.55 million in mortgages secured on the property using bogus document.

All three defendants are charged with one count of conspiracy to commit mail and wire fraud, two counts of wire fraud and one count of making false statements on loan applications to a mortgage lender. Brinson and Myles are also charged with one count of conspiracy to commit money laundering and six counts of money laundering.

According to the indictment, Brinson, Lam, Myles, and others used straw buyers to submit false documentation substantially inflating the price of the Versailles homes. They recruited an attorney to prepare a double set of government forms,  one with the real price that went to the seller and another with the inflated price to the lender.

Brinson, Myles and others allegedly laundered more than $488,000 in fraudulent loan proceeds through multiple bank accounts.

If convicted, the defendants face a maximum sentence of 20 years in prison on the mail and wire fraud conspiracy, 20 years in prison on each of the wire fraud counts, and 5 years in prison on the false statement charge. Brinson and Myles also face a maximum 20 years for the money laundering conspiracy, and 10 years in prison for each of the money laundering counts.