California Real Estate Fraud Report

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20
Jul

Crime Didn’t Pay for This Short Sale Fraud in Florida

Casey Padula, a Charlotte County businessman, received a sentence of nearly five years in prison on charges of conspiring to commit tax and bank fraud.

In addition to transferring almost $2.5 million from Demandblox Inc., his marketing business to offshore accounts in Belize, Padula, 48, committed short sale fraud. He sent a letter to his lender Bank of America saying he could no longer afford his $1.5-million Port Charlotte home. Investigators say Padula gave Robert Robinson, 43, money from Padula’s Belize accounts to “buy” Padula’s home in a short sale at the sweet price of $625,000. Two months after the short sale closed, Robinson transferred title back to Padula for $1.

Lucky Robert Robinson only received five years of probation for his role in defrauding Bank of America.

Casey Padula was ordered to pay a $100,000 fine, restitution of $728,609 to the IRS and $739,459.90 to Bank of America.

Read the original article in NBC2 News.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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