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David Lam pleads guilty to Versailles mortgage fraud
By Palm Beach Business.com
WEST PALM BEACH — A Parkland real estate agent has pleaded guilty to conspiracy charges in connection with his role in a mortgage fraud scheme centered on the upscale Versailles development in Wellington.
David Lam, 42, of Wellington, pleaded guilty to four counts of conspiracy to commit mail and wire fraud and three counts of conspiracy to commit money laundering. He is the sixth defendant charged in the scheme to plead guilty.
According to court documents, the Versailles defendants prepared and submitted bogus documents to mortgage lenders that substantially inflated the purchase price of homes being bought in the development with the intent of defrauding the banks. Defendants then laundered the proceeds through multiple bank accounts to conceal the source and to distribute money to themselves.
Altogether, the scheme to which Lam pleaded guilty involved more than $15 million in mortgage loans on 12 Versailles homes and $5 million in fraudulent proceeds.
Others to have pleaded guilty include:
— Carl Alexander, 45, of Parkland. Federal Judge Kenneth Marra sentenced Alexander to 48 months in prison, to be followed by 3 years of supervised release. Alexander also must pay $3.3 million in restitution.
— Carol Asbury, 59, an attorney and title agent in Lake Worth. Marra sentenced Asbury to 30 months in prison, to be followed by 3 years of supervised release. She was also ordered to pay $6.5 million in restitution.
— Patrick Brinson, 34, of Miami. Federal Judge Patricia A. Seitz sentenced Brinsont to 78 months in prison, plus three years of supervised release. A restitution hearing is scheduled before Judge Seitz for Feb. 17.
— Pamela Higgins, a mortgage broker who lived in Arizona at the time of the offense. Higgins is scheduled to be sentenced on Feb. 10.
— Victoria Wilson, 30, a mortgage broker from Hollywood. Marra sentenced Wilson to 24 months in prison, to be followed by 2 years of supervised release. Wilson must pay $1.7 million in restitution.
