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Mortgage fraud leads to five years in prison for Sarasota businessman

Sarasota mortgage fraud Arthur R. Seaborne
Staff Tampa Bay Business Journal

Arthur R. Seaborne[1] was sentenced to five years in federal prison for conspiring to commit bank fraud.

He also was ordered to forfeit $4.3 million in proceeds from the offense, according to a written statement.

Seaborne and others conspired to commit bank fraud from March 2003 through July 2008 and used several corporations, including Southeast Capital Advisors LLC.

Seaborne marketed a “no money down” residential real estate purchase program that operating by making loans to his clients to make down payments.

He and others then submitted fraudulent mortgage loan applications to lenders for these same clients, omitting the fact that the down payment had been loaned to them and overstating assets.

Over the course of the scheme, some of the loans went into default, causing losses for lenders.

References

  1. ^ Arthur R. Seaborne (feeds.bizjournals.com)
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