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4 Bay Area Men Face Mortgage Fraud Charges

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By ELAINE SILVESTRINI | The Tampa Tribune

Published: July 28, 2008

TAMPA - Three businessmen and a Sarasota lawyer have been charged with participating in an $82.8 million mortgage loan fraud, a scheme which defrauded seven banks, the U.S. Attorney's Office said this morning.

The lawyer, John A. Yanchek, 48, was arrested this morning. Two other defendants are expected to surrender Tuesday: Larry P. Nardelli, 49, Tampa, a businessman associated with Elba International and other companies; and Michael A. Tringali, 46, of Sarasota, owner and principal officer of G&T Land Development, which purchased and developed commercial real estate, primarily in Sarasota and Manatee counties.

Investigators are still looking for the fourth defendant, Neil Mohamed Husani, 38, formerly of Sarasota and owner and principal officer of Capital Force Inc., which bought and sold commercial real estate in Sarasota and Manatee counties.

According to a 44-page indictment handed up Thursday and unsealed this morning, between May 2004 and June 2006, the four defrauded Orion Bank, Mercantile Bank, Bank Atlantic, Coast Bank, Fifth/Third Bank, Wachovia Bank and First State Bank.

According to the indictment:

The defendants and others agreed to purchase commercial real estate properties, intending to simultaneously resell the properties to other conspirators at substantially higher price.

The defendants would apply for loans at the higher price, allowing them to purchase the properties at the lower price without any equity and keeping the excess loan proceeds.

In applying for the loans, the defendants would make false statements to the financial institutions regarding subjects, including the financial resources and credit worthiness of the purchaser, the amount and source of equity the borrower had contributed, the price they had paid for the properties and the distribution of loan proceeds.

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