Wifredo A. Ferrer, United States
Attorney for the Southern District of Florida; and Michael B. Steinbach, Acting
Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field
Office, announce that defendant Linda Irene Rovetto, 69, of Lake County, was
sentenced today in federal court for her participation in a bank fraud
conspiracy scheme. Rovetto had previously pled guilty to converting and
misdirecting more than $3.5 million of real estate escrow funds, in violation
of Title 18, United States Code, Sections 1344 and 1349.
At today’s hearing, U.S. District Judge
Jose E. Martinez sentenced Rovetto to 42 months in prison, to be followed by
five years of supervised release. In addition, Rovetto was ordered to pay
restitution in the amount of $2,040,343.14 to the banks defrauded by her
conduct.
On December 9, 2010, defendant Rovetto
and three others were indicted on bank fraud, conspiracy, and related mortgage
fraud charges. According to the charges, Rovetto, through her company Florida
Lakes Title & Closing LLC, along with various co-defendants, was diverting
escrowed mortgaged funds from real estate closings. The defendants diverted
more than $3.5 million in mortgage loans to Raviworld New Homes Inc., a company
managed by co-defendant Bhaardwaj “Deo” Seecharan.
Bhaardwaj Seecharan pled guilty on April
2, 2012, to the same charges as Rovetto. Sentencing for both Seecharan and his
wife and codefendant Gergawattie “Kamla” Seecharan is scheduled for September
25, 2012, before Judge Martinez.
Mr. Ferrer commended the investigative
efforts of the FBI. Mr. Ferrer also thanked the State of Florida Office of
Financial Regulation, Bureau of Finance, West Palm Beach Regional Office, for
their work on this investigation. The case is being prosecuted by Assistant
U.S. Attorney Theodore Cooperstein.
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