A Florida pastor, Nelson Cristiano Machado, Jr. (50, Bradenton), was found guilty yesterday by a federal jury of three counts of wire fraud in connection with a mortgage fraud scheme, according to the U.S. Department of Justice (USDOJ).

Machado had committed fraud on his loan applications to purchase two homes in Cape Coral, one for $509,900, and another for $249,900. In his loan applications, he had lies about his employment, the money in his bank account, and that each of the properties would be his primary residence.

Machado did not disclose to his second mortgage lender that he had already obtained a first mortgage in the amount of $343,000 and second mortgage in the amount of $147,000. He also failed to disclose the purchase of another home located in Fort Myers for which he had obtained a mortgage in the amount of $189,050.

Machado faces up to 30 years in federal prison on each count, and is scheduled to be sentenced on September 26, 2016.

The announcement was made by United States Attorney A. Lee Bentley, III. This case was investigated by the FBI and the Florida Department of Law Enforcement. It is being prosecuted by Assistant United States Attorney Yolande G. Viacava.

SOURCE: FBI

Moe Bedard

My name is Maurice “Moe” Bedard. I am the founder of America’s #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.