A federal judge has sentenced a Pinellas man to 10 years in prison and levied a $1.8 million fine for a foreclosure scheme that bilked desperate homeowners.

Peter James Porcelli II, 57, received the 10 years on mail fraud charges after pleading guilty April 15. The judgement is for the amount of money he gained from the fraud, according to a U.S. Attorney’s Office press release.

As a licensed mortgage lender, Porcelli used court foreclosure dockets to send flyers to struggling homeowners offering foreclosure relief, according to authorities. Porcelli then lent victims balloon payment loans with fees that averaged 60 percent of the loans, with interest rates at high as 260 percent. Many of the victims lost their homes, according to the U.S. Attorney’s Office.

0 Shares:
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Scott not moved by criticism of abortion-rights restricting bills

In an exclusive interview with Florida Baptist Witness, Gov. Rick Scott briefly discussed public reaction to the state legislature's passage of five bills aimed at restricting abortion rights in Florida. All five bills await his signature. According to the Florida Baptist Witness, Scott said he was not persuaded by criticism that the pro-life measures are a distraction at a time when the Legislature should focus on job creation.

Mack, Buchanan among legislators who sold BP and Transocean stocks following spill

A recent report by OpenSecrets shows that several high-profile lawmakers (including GOP Reps. Vern Buchanan and Connie Mack of Florida) dumped their stock in BP and Transocean following last year's massive Gulf of Mexico oil spill. Both Republicans and Democrats gave up significant portions of their holdings in the companies, according to the analysis by the Center for Responsive Politics.

Kaiser: Florida readies its own health insurance exchange, leaves out help for low-income people

The state of Florida is currently preparing its own health insurance exchange program in place of the exchanges created by the federal health care reform law, but according to Kaiser Health News, Florida's exchange program is missing subsidies for low-income people to afford health insurance and requirements that insurance providers cover certain essential health benefits.