FL man pleads guilty to mortgage fraud in Boston

Samuel Jean-Louis, age 25, from Florida pleaded guilty to mortgage fraud before United States District Judge George A. O’Toole Jr., in Boston, Massachusetts. Mr. Jean-Louis according to the announcement made by United States Attorney Carmen Ortiz; along with Special Agent in Charge of the Federal Bureau of Investigation- Boston Field Division, Warren Bamford, Special Agent in Charge of the Internal Revenue Service – Criminal Investigations Boston Field Office, Susan Dukes , Inspector in Charge of the United States Postal Inspections Service, Randy Miskanic and Boston Police Commissioner Edward Davis pleaded guilty to one count of conspiracy to commit wire fraud and eleven counts of wire fraud in connection to his role in a large scale mortgage fraud scheme.

Mr. Jean-Louis was accused by state prosecutors of participating in the conspiracy between 2005 and 2006 which defrauded mortgage lenders in regard to mortgage transactions that transpired in and around the Boston area. Mr. Jean-Louis acted as a mortgage broker and ultimately a recruiter of straw buyers in the scheme to defraud lenders. Mr. Jean-Louis role was to prepare applications for mortgages with fraudulent information and representations as to convince mortgage lenders of a borrower’s ability to qualify for a mortgage loan. The loans qualified with the bogus information and loans were made to straw-buyers which Mr. Jean-Louis supplied to further the scheme of fraud.  Mortgage lenders did lend on the loans and wires were made via interstate wire. The funds were wired to a Boston Attorney to close the mortgage transactions.

Mr. Jean-Louis according to the court documents is scheduled to appear on June 29, 2010. He faces a maximum sentence of up to five years in prison, three years of supervised release and a two hundred fifty thousand dollar fine in regard to the count of conspiracy. Mr. Jean-Louis also faces a sentence of up to twenty years in prison, with three years of supervised release and a fine of two hundred and fifty thousand dollars with regard to each count of wire fraud. On the wire counts alone this would put Mr. Jean-Louis in prison for 220 years if he receives the maximum penalty allowed by the court.

The Federal Bureau of Investigation along with the Internal Revenue Service – Criminal Investigations Division, The United States Postal Inspection Service and the Boston Police Department investigated the case.

The case prosecutors in the case are Assistant United States Attorney, Victor Wild and Ryan DiSantis both from the Ortiz’s Economic Crimes Unit and Assistant United States Attorney Mary Murrane of the Ortiz’s Asset Forfeiture Unit.