Orange County Husband and Wife Sentenced for Mortgage Fraud

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Wifredo A. Ferrer, United StatesAttorney for the Southern District of Florida, and Michael B. Steinbach, ActingSpecial Agent in Charge, Federal Bureau of Investigation (FBI), Miami FieldOffice, announce that defendants Gergawattie “Kamla” Seecharan, 49, andBhardwaaj “Deo” Seecharan, 52, both of Orange County, were sentenced in federalcourt yesterday for their participation in an extensive mortgage fraud scheme.
Kamla Seecharan had previously pledguilty to conspiracy involving more than $50 million of mortgage loan funds, inviolation of Title 18, United States Code, Sections 1341, 1343 and 1349. DeoSeecharan had pled guilty to conspiracy to commit bank fraud involving $3.5million in diverted real estate escrow funds, in violation of Title 18, UntiedStates Code, Sections 1349 and 1344. At yesterday’s hearing, U.S. DistrictJudge Jose E. Martinez sentenced Kamla Seecharan to 121 months in prison, to befollowed by five years of supervised release. Judge Martinez also sentenced DeoSeecharan to 60 months in prison, to be followed by five years of supervised release.In addition, Deo Seecharan was ordered to pay $2,040,343.14 in restitution tothe victim banks. The court scheduled a restitution hearing for December 18,2012, in Fort Pierce, to determine the restitution to be paid to the victimmortgage lenders and banks by Kamla Seecharan.
According to statements made in courtand publicly filed documents in the case, on December 9, 2010, the Seecharansand two others were indicted on bank fraud, conspiracy, money laundering, andrelated mortgage fraud charges. According to the charges, the Seecharans, alongwith their two co-defendants, conspired to solicit mainly Guyanese residents ofFlorida and other states to act as straw buyers on fraudulent applications formore than $50 million worth of mortgage loans in connection with the purchaseof more than 150 homes in Indian River County, Miami-Dade County, andelsewhere. Approximately 80 individuals served as straw buyers of properties inVero Lake Estates (VLE), in Indian River County, and other developments. This schemeresulted in the issuance of more than $50 million in fraudulent mortgage loans.The proceeds were then used to buy more properties, sustain the deception andservice preexisting mortgage loans in the scheme, and pay kickbacks to thestraw buyers.
In addition, Kamla Seecharan andcodefendant Linda Rovetto unlawfully diverted more than $3.5 million inmortgage loans from real estate closing escrow accounts to Raviworld New Homes,Inc., a company managed by Kamla Seecharan’s husband and codefendant Deo Seecharan.Linda Rovetto was sentenced on August 21, 2012, by Judge Martinez to 42 monthsin prison for her part in the bank fraud.
Mr. Ferrer commended the investigativeefforts of the FBI. Mr. Ferrer also thanked the State of Florida Office ofFinancial Regulation, Bureau of Finance, West Palm Beach Regional Office fortheir work on this investigation. The case is being prosecuted by AssistantU.S. Attorney Theodore Cooperstein.