June 24, 2021

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Mortgage News

Former area mortgage broker charged in $1 million scam | Business Observer

FORT MYERS – Former Lee County mortgage broker Thomas Errico has been charged with his role in a mortgage loan modification and investment scam of fraud that authorities say has exceeded $ 1 million nationwide.

According to a statement from the Florida Office of Financial Regulation, Errico was arrested on June 10 on charges of communications fraud. The Lee County Sheriff’s Office is assisting the OFR with the investigation and the release states and Fort Myers Police are tasked with the arrest.

Authorities claim that Errico told his victims that he could “find fraud” on their mortgage loans, which would enable him to request the credit institutions to modify or terminate the loan. He is also said to have promised his victims that if he could not detect any fraud in the mortgage loan documents, he would reimburse all fees, the statement said.

“However, based on the OFR’s investigation, it is alleged that Errico neither received changes to mortgage loans nor gave any refunds to his victims,” ​​the statement said. “The investigation also found that neither Errico nor the companies he allegedly operated with were licensed to negotiate mortgage loan terms.”

An alleged co-conspirator of the plan, Carlo Hamrahi, aka Roberto Colleoni, was arrested in California and extradited to Florida in 2020 with an arrest warrant from Lee County. Hamrahi has been charged with involvement in an organized fraud scheme. In a statement announcing the arrest, officials said the investigation uncovered “massive mortgage fraud against dozens of seniors.”

Regarding Errico, authorities also claim in another fraudulent scheme that he promised to double the victim’s investment in six months by buying land or condos at below market prices and quickly selling them for a profit. He also allegedly sold a high-yield note to another victim, officials allege, claiming the returns would be paid from closing a real estate deal within six months. “The investigation found that none of these representations were true and that Errico allegedly used the victims’ investments to pay for personal expenses,” the statement said.

“Proud of my Office of Statewide Prosecution and the Office of Financial Regulation for their work in bringing this criminal to justice,” Attorney General Ashley Moody said in the statement. “I will continue to fight for the Floridians and use every resource available to protect our citizens from scammers who try to manipulate and deceive others.”