News
Broker Gets Four Years For Mortgage Fraud
April 13, 2016
Joseph Pasquale will spend the next four years and nine months in prison as punishment for his role in a mortgage fraud scheme that cost Wells Fargo nearly $1M.
Pasquale worked as a real estate sales associate for a brokerage in Cape Coral, FL, and was found guilty of engaging in a conspiracy to conceal sales incentives given to several clients by the seller from mortgage lenders, Housing Wire reports.
The US Attorney’s Office says Pasquale's actions led to the loss of $937k for Wells Fargo, which had issued the mortgages that eventually foreclosed.
And it’s fair to say Pasquale got off easy—he originally faced up to 150 years in the big house. [HousingWire]
