Ten Miami-Dade residents charged with Mortgage fraud

Last month ten Miami-Dade residents were indicted in a twenty four million dollar mortgage fraud scam.

The federal indictment charges three of the individuals with scoping out potential properties then recruiting straw buyers to aid in the purchase and resale of the properties. The indictment charges two of the individuals with completing fraudulent mortgage loan applications and submitting them to mortgage lending institutions in an attempt to defraud those institutions.

The ten individuals involved in the case used a method called flipping and bought and sold the properties among themselves. The conspirators eventually ran out of funds and eased paying on the mortgage loans. Washington Mutual, Impac Lending Group and Loan City are a few of the lenders who incurred over seven million dollars in losses to this group of conspirators.

The conspirators are as follows:

Yamil L. Herrera, age 38;

Alain C. Hernandez, age 41;

Ricelda M. Hernandez, age 44;

Maria G. Herrera, age 40;

Samantha Portales, age 43;

Edel Martinez, age 37;

Osiris Garcia, age 41;

Silvio De Paz, age 46;

Ana G. Blanco, age 35;

Luis R. Martinez, age 42.