An Austrian architect has been sentenced to more than five years in federal prisonĀ after authorities say he pocketed millionsĀ from a mortgage fraud scheme involving several million-dollarĀ Miami properties.
A federal judge sentenced Robert Policastro, 57, of Vienna, Austria, to five years and three months in federal prison last week on charges of conspiracy to commit mail and mortgage fraud, according to the U.S. Attorneyās Office in Tampa.
Policastro had pleaded guilty to taking out loansĀ to buyĀ several Miami properties valued in the millions,Ā meanwhile obtainingĀ aĀ āsilent secondā loan on each property using a second lender. He then prepared false loan documents he presented to both the primary lenders and the āsilent secondā lenders, so that both were unaware he had received two loans on each property, a U.S. AttorneyāsĀ press release states.
āThe āsilent secondsā loans financed Policastroās down payments for the properties and allowed him secretly to take money out of the deals,ā according to the release.
In addition to his prisonĀ sentence, a judge entered a judgement for $9 million against Policastro, which is based onĀ āproceeds of theĀ mortgageĀ fraud conspiracy,ā according to the U.S. Attorneyās Office.
The case was investigated by the FBIĀ and prosecuted by the Tampa U.S. Attorneyās Office because the loans were closed in Pinellas County.
