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2 Sentenced To Prison In Mortgage Scam

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TBO.com

Published: September 25, 2008

Two people convicted on racketeering charges in connection to a mortgage scam that bilked dozens of people since 2004 were each sentenced today to five years in prison, the Florida Department of Law Enforcement said.

Along with the prison terms, Frank Giffone was sentenced to 10 years' probation and Adrienne White to five years' probation. Giffone and White were each sentenced in the 10th Judicial Circuit Court in Polk County.

A third person convicted on racketeering charges, Scott Almeida, will have a sentencing hearing Oct. 24, the FDLE said.

Giffone, White and Almeida were involved in a mortgage fraud scheme that convinced mostly minority customers in poor areas of Florida to take out loans for home improvements, authorities said. Those involved in the scheme diverted money into personal bank accounts and the victims were left with large home loans and few, if any, home improvements.

The enterprise submitted nearly 130 bogus loan applications made in Hillsborough, Lee, Pinellas and Polk counties to New York-based Argent Mortgage Co., the state attorney general's office said.

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