Florida Man Guilty of Mortgage Scam

Eddie Farah

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Florida Man Guilty of Mortgage Scam

By Eddie Farah on June 21, 2008

An Orlando man, Robert Guest, 44, pled guilty in Alabama to one felony count of conspiracy in a scheme that involved the purchase and reselling of more than 200 homes, many in Florida.

Altogether the fraud cost Countrywide Loans about $2 million.

Guest would buy a home with a low value in Alabama, Florida, or Tennessee. He would then arrange to sell it to an investor at an inflated price. The investor gets a loan for 80 percent.

Then Guest pays him back his 20 percent, which means that Countrywide, was on the hook for a 100 percent loan. In Florida, Guest purchased homes in Orange and Seminole counties.

Guest could face five years in prison. He also has to pay restitution and a fine of $250,000. He will be sentenced in September.