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Sarasota Lawyer Admits To Role In Defrauding Banks

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By ELAINE SILVESTRINI | The Tampa Tribune

Published: February 4, 2009

A Sarasota lawyer has admitted participating in what authorities have said was an $82.7 million mortgage loan scheme that defrauded seven banks.

John A. Yanchek, 49, pleaded guilty today to conspiracy, money laundering and making false statements to a bank in connection with a commercial loan. The most serious offense, making false statements, carries a maximum sentence of up to 30 years behind bars and a $1 million fine.

In addition to being a lawyer, Yanchek is a recognized international feline judge of Oriental Shorthairs and Somalis, according to court papers. A judge in August refused to allow Yanchek to travel to New Zealand to judge a cat show.

Yanchek and two others were arrested in July. A fourth defendant,Neil Mohamed Husani, is considered a fugitive.

Co-defendant Michael A. Tringali, 46, a Sarasota businessman, pleaded guilty to conspiracy in November and is awaiting sentencing.

Tampa businessman Larry P. Nardelli, 49, of Tampa, is awaiting trial.

According to a 44-page indictment, 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.

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

According to the plea agreement, the conspiracy involved commercial loans to fund the purchase of vacant land in the Sarasota/Manatee area.

The plan was to obtain loans from banks for more than the cost of the property and without the need for any down payments.

Yanchek, as the closing attorney, made false statements regarding the financial resources of the borrower, the equity contributed by the borrower, compliance with the seller's obligation to provide marketable title to the property, and distribution of the loan proceeds, according to the plea agreement.

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