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.