Phoenix Convict Real Estate Investor of Fraud

Mario Bernadel, 51, September 3, 2009 on nineteen separate counts.  The counts against him included mail fraud; wire fraud; money laundering and bank fraud. The court convicted Bernadel for organizing the conspiracy ring and coordinating the plan to defraud mortgage lenders.

The conspiracy involved over thirty two residential real estate properties in the Phoenix area. Authorities say that Bernadel recruited straw buyers and completed fraudulent mortgage loan applications on their behalf to mortgage lenders. Bernadel also arranged to half supporting credit documents falsified in order to obtain the property loans. The values of the properties were in excess of the selling price when submitted to the mortgage lender. The excess amount was then escrowed and distributed as cash back.

Prosecutors involved in the case say that forty defendants in total have been arrested and indicted in the case. The defendants are mostly real estate professionals from the Phoenix area. Nineteen have already been convicted and Bernadel is the twentieth to be convicted for his leadership role in the conspiracy.

Bernadels sentencing is expected to take place on November 30 of this year.


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