A man involved in a mortgage scheme first uncovered in a Tampa Tribune investigation four years ago has agreed to plead guilty to federal charges of conspiracy to commit wire, mail and bank fraud. Chad Evans’ Clearwater companies, Shorefront Ventures LLC and Tye Funding LLC, were used to lure "straw buyers" to participate in fraudulent mortgage transactions, according to court documents.
A straw buyer is someone who buys something on another’s behalf.
Fifty properties were bought and illegally flipped, for a loss to lenders of about $6.9 million, the government says.
The charges carry a maximum sentence of 30 years imprisonment, a fine of $27,496 and supervised release of not more than 5 years. Evans’ lawyer did not return phone calls in time for publication.
via Man will plead guilty in multi-million dollar mortgage scheme.