TAMPA, Fla. — A former Florida resident has been sentenced to 20 years in federal prison for a mortgage appraisal fraud scheme that affected more than $65 million in mortgages, federal prosecutors said.
Armando Martinez, 51, of Plano, Texas, was sentenced by Chief U.S. District Judge Amos Mazzant III in the Eastern District of Texas, according to the U.S. Attorney’s Office for the Middle District of Florida.
Martinez previously pleaded guilty to bank fraud.
According to court documents, Martinez had his Florida appraiser’s license revoked but later took over the identity and license number of a legitimate licensed appraiser.
Prosecutors said Martinez then purported to conduct onsite appraisals for dozens of properties in Florida. Instead, he paid other people to go to the properties and take photos for appraisals he completed.
Investigators said Martinez sent the appraisals to lenders using his computer after fleeing the United States to the Dominican Republic.
Based on the false appraisals, financial institutions were fraudulently induced to approve and fund mortgage loans and pay Martinez appraisal fees, prosecutors said.
The U.S. Attorney’s Office said more than $65 million in mortgages were impaired or defective because of the scheme.
The mortgages were either guaranteed by the Federal Housing Administration or purchased and guaranteed by Fannie Mae and Freddie Mac, prosecutors said.
The case was investigated by the Federal Housing Finance Agency Office of Inspector General and the U.S. Department of Housing and Urban Development Office of Inspector General.
Special Assistant U.S. Attorney Chris Poor prosecuted the case.
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