A Seffner man was arrested Wednesday in connection with a multimillion-dollar mortgage fraud scheme that victimized dozens of people since 2004, the Florida Department of Law Enforcement said.
Michael Thomas Fetterhoff, 37, of 205 Kingsway Road, was charged with grand theft of more than $100,000.
Fetterhoff worked in sales for Advanced Mortgage Solutions, a mortgage broker company associated with other home improvement businesses that persuaded mostly minority customers in poor areas of Florida to take out home loans, FDLE spokeswoman Trena Reddick 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, authorities said.
A multiagency investigation that focused on New York-based Argent Mortgage Co. began in 2004 when homeowners filed complaints about construction work that was not completed.
Orson Benn, a former Argent executive, and multiple co-defendants in the case were sentenced to 18 years in prison Sept. 5. The enterprise submitted nearly 130 bogus loan applications made in Hillsborough, Lee, Pinellas and Polk counties to Argent, the state attorney general's office said.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement
Advertisement