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Guyanese found guilty in US$50M mortgage fraud scheme in Florida
Florida, FORT PIERCE — The last co-defendant in a $50 million mortgage fraud scheme involving more than 150 residential properties, including some in Vero Lake Estates, was convicted in federal court of three charges.
Ravindranauth Roopnarine, a Guyanese national, was found guilty Friday in U.S. District Court of wire fraud, mail fraud and conspiracy to commit wire fraud and mail fraud.
Sentencing is set for 1:30 p.m. May 10 by U.S. District Judge Jose E. Martinez. Roopnarine, 56, faces a maximum of 30 years in prison and a $1 million fine.
Roopnarine was one of four people named in a 2010 indictment for the fraud scheme spanning more than 150 residential real estate properties in Vero Lake Estates, Orlando, and Miami-Dade and Orange counties.
According to the court documents and testimony, Roopnarine recruited and led his co-conspirators in a widespread mortgage fraud scheme.
Ravindranauth Roopnarine
Roopnarine, along with Kamla Seecharan and her husband, Deo Seecharan, conspired to solicit mainly Guyanese residents of Florida and other states to act as straw buyers on fraudulent mortgage loan applications.
The Seecharans and Linda Rovetto previously pleaded guilty.
About 80 people served as straw buyers of properties in Vero Lake Estates and other developments. The scheme resulted in more than $50 million in fraudulent mortgage loans.
The co-conspirators then used the proceeds to purchase additional properties, fund pre-existing fraudulent mortgage loans, and pay kickbacks to the straw buyers, testimony and evidence showed.
In addition, Kamla Seecharan and Rovetto unlawfully diverted more than $3.5 million in mortgage loans from real estate closing escrow accounts to Raviworld New Homes Inc., a company managed by Roopnarine and Deo Seecharan.
Kamla Seecharan, who pleaded guilty to conspiracy to commit wire fraud and mail fraud, was sentenced to 10 years and one month in prison and ordered to pay more than $2 million in restitution. Deo Seecharan and Rovetto each pleaded guilty to participating in a conspiracy to commit bank fraud involving $3.5 million in diverted real estate escrow funds.
Martinez sentenced Deo Seecharan to five years in prison and ordered him to pay more than $9 million in restitution. Rovetto was sentenced to 3½ years in prison.
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