“Magic Man” receives sentence

The “Magic Man” Hector L. Rivera, age 53 from Ocala, Florida was sentenced on to eight years in prison for this orchestration of mortgage fraud against the now defunct Taylor, Bean and Whitaker.

Mr. Rivera was arrested back in December of 2008 on charges of racketeering, identity theft and grand theft. The “Magic Man” as he was unknown throughout Marion Oaks, Florida for his superior ability to obtain mortgage loans entered his plea of no contest to the charge of racketeering as a plea bargain with prosecutors to drop all other charges against him.

Circuit Court Judge, Edward L. Scott in addition to giving Mr. Rivera eight years in prison ordered him to pay restitution of one hundred thousand dollars to Taylor, Bean and Whitaker and one hundred thousand dollars to Attorney’s Title Insurance Fund. Taylor, Bean and Whitaker unknowingly approved the fraudulent loans that were submitted to them by Mr. Rivera and Attorney Title Insurance Fund was the underwriter for Jorge Enrique Rodriguez who handled Mr. Rivera’s closings. Mr. Rodriguez was disbarred in August of 2009 for violation of rules regarding trust accounts.

Mr. Rivera was a solo operator and conducted business out of Belleview, Florida under the name Windsor Capital. Mr. Rivera had been on probation for prior offenses related to a conviction that involved fraud. He was also conducting business without a brokerage license but was operating by using the name of a former son in law who did have a license. No other individuals have been charged in the case according to State Prosecutor Phil Hanson.

Mr. Rivera was formerly a processor for Pinnacle Financial out of Ocala, Florida. He obtained information from former clients of Pinnacle Financial through that connection. He used the former client information to obtain fraudulent mortgage loans from Taylor, Bean and Whitaker. The fraud transpired between August of 2007 and December of 2008.

Mr. Rivera received a commission as a broker from the Taylor, Bean and Whitaker and obtained commissions on the seller side as well on the sale of the properties involved.

The victims of Mr. Rivera’s scheme had no idea that their identities and credit information was used to obtain mortgage loans. The properties have all been foreclosed on. The four individuals that Mr. Rivera victimized are left with credit that is ruined.

Taylor, Bean and Whitaker approved loans that ranged in value between one hundred twenty six thousand dollars and two hundred sixty five thousand dollars. The checks wired by Taylor, Bean and Whitaker were diverted into an account controlled by Mr. Rivera. Mr. Rivera took advantage of a gap in the mortgage industries system that he was aware of from his work as a processor.

Mr. Rivera’s scheme was further abated by the fact that Taylor, Bean and Whitaker had filed for bankruptcy and the mind set at Taylor, Bean and Whitaker was to get the loan done according the prosecutor Phil Hanson. Mr. Hanson stated that he didn’t believe all the checks and balances were in place and that the company had lost focus.