News
National Commercial Real Estate

Broker To Serve Four Years For Mortgage Fraud

Joseph Pasquale will spend the next four years and nine months in prison as punishment for his role in a mortgage fraud scheme that cost Wells Fargo nearly $1M.

Pasquale worked as a real estate sales associate for a brokerage in Cape Coral, FL, and was found guilty of engaging in a conspiracy to conceal sales incentives given to several clients by the seller from mortgage lenders, Housing Wire reports.

The US Attorney’s Office says Pasquale's actions led to the loss of $937k for Wells Fargo, which had issued the mortgages that eventually foreclosed.

And it’s fair to say Pasquale got off easy—he originally faced up to 150 years in the big house. [HousingWire]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy