Tuesday, July 26, 2011

An interesting perspective from one of our readers on the Plantation Cops mortgage fraud case.


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 evidence
 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.
Interesting 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?
Let's talk about their theory

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.
At this point, why not do the right thing, dismiss the charges against the cops and then nail the brokers to the cross?
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.

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.
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!

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?


  1. SO what's going to happen to the Brokers , do they get off scott free? This is so confusing....

  2. Can the brokers' plea deals get voided for hiding and/or destroying evidence? When do Gulla and Rodriguez testify?

  3. I'm in the same boat as the last two comments, can anyone shed some light on the brokers?

  4. Has anyone been attending the trial? How much longer is it going to last and when is the jury expected to get the case?

  5. the broker's agreed to testify so they will get about 27 months and not have to give back the millions they made. they also get immunty to the 1000 plus loans they did outside the cops cases the same thing to and the goverment agrees to not go after them for those frauds they committed. sounds like they get a good deal but the most time they can get is 27 months.

  6. WOW now things really open up i just found out that one of the cops wasnt even at a closing and one of the people working with the brokers signed his name to all the closing documents. over 100. i thought the cops signed all the closings. now that has changed too. the witness says he never was there only his wife and they signed for him. haha what a joke and a waste of tax payers money but dont worry whatever tax payers monies that are left will go to the bank to bail them out for their acts and how they pushed morgage brokers to lie just to close loans

  7. I am curious about why identity theft by the brokers is not part of the Plantation cops mortgage case.
    Does the prosecuters believe it is OK to steal anyone's signature and use it?
    Why would the officers, defending themselves, not be victims?
    I would like to understand.

  8. The FDLE agent did not have mortgage fraud experience and his investigative skills proved negligent in the first trial.