One of our readers took the time to put together an analysis of the Plantation Cops mortgage fraud case as they knew it. Here it is...
The Governments Misconduct goes far beyond the average case. It appears the case was investigated by an FDLE agent who had no experience in Mortgage Fraud...No kidding, a cop investigating a mortgage fraud case that has no experience with mortgage fraud? NAH!
...he came up with a theory decided to name it operation COPOUT and once named in 2008 there was no stopping the targets they originally thought were guilty.No stopping the agent once he thought his targets were guilty? Didn't we discuss this phenomenon a while back?
They made a deal with the two mortgage brokers. Then they relied on just those two brokers. They failed to properly investigate. They ignored information the brokers were destroying evidenceInteresting point, why not just raid the mortgage brokers office, catch them off guard and take everything they got so they don't have a chance to filter out what they don't want law enforcement to see or worse, destroy evidence? Considering that the targets of this investigation were fellow law enforcement agents whose lives would be permanently altered by an indictment of this nature, why wouldn't they take the time to properly investigate this case?
they had all the resources but never served a search warrant they just sent subpoenas and waited for the brokers and others to send documents gave them plenty of time to take out the real information that was sent to them and alter things.
Let's talk about their theoryAt this point, why not do the right thing, dismiss the charges against the cops and then nail the brokers to the cross?
First it was straw buyers then they acknowledged real investments
Then it was they took money and ran then they found out most homes had extensive remodeling and were sold
Then no repairs were done then close to 2 million in receipts cancelled checks and invoices and over a thousand pictures produced ( wouldn't a simple purchase and sale appraisal show the interior improvements done)
Then the indictment said the borrowers submitted false information
After the brokers plead they found out the brokers submitted all the false info
They also said there were forgeries all over the loans they ordered everyone to take handwriting exemplars accept that's right the brokers the exemplars said nope none of these guys did the fraud it doesn't match
Then through motions they found out the brokers committed over 1000 forgeries and every loan involved had a forged application and all disclosures sent to the lenders were forged by the brokers. So all the loans involved all the forgeries an fraud was committed by the brokers.
Ok well we spent so much money and time an we already indicted all these people so let's just go with they knew or should have known. That documents they never seen or should have seen were forged and falsified because borrowers although there not involved in the loan process between a broker and a lender they should have thought to ask are you using my w2 and tax return? Or are you putting us in subprime loans with higher rates then what we qualify for so the brokers could get paid 100s of thousands in what are now considered illegal Yield spread Premiums.Here's where I get lost, the government now has the mortgage brokers admitting that they've committed THOUSANDS of frauds over the last decade causing untold millions in losses to the banks yet the prosecution is still focusing on a handful of defendants whose worst crime is allegedly misstating their incomes on loan applications for loans that were ultimately paid off anyway? Let's not forget that it's already been proven in the previous trial that the defendants didn't even know that the brokers were doctoring the loan applications and forging their signatures!
Ok so we know the brokers did all the fraud and the whole case rest on the other defendants had to have knowledge.
Oh but we found out in the last trial the brokers did the same fraud to 1000s of others for over 10 years.
Instead of clearing 1000s of victims the brokers pull off there last big con! They make a deal then destroy other evidence and admitted on the stand oh yea we did all the fraud and to thousands.
I'm lost. Who exactly were the victims in the Plantation cops mortgage fraud case? The homes that are at the center of this indictment for the most part were purchased, improved then resold. Where's the problem? What am I missing?