Former Tampa Real Estate Agent Convicted Of Bank Fraud In Tampa Mortgage Scheme
A federal jury has found Tampa Real Estate Agent Joseph L. Pasquale guilty of one count of conspiracy to commit bank fraud and four counts of bank fraud. Pasquale now faces a maximum penalty of 30 years imprisonment for each count. Pasquale’s sentencing hearing has been scheduled for April 8, 2016.
Pasquale was involved in the sale of four condominium units at the Arbors of Carrollwood between October 2007 and March 2008.
Entities controlled by Pasquale’s co-conspirator Brenden Bolger also entered into a contract to purchase The Arbors in 2005. The Arbors was an apartment complex in Hillsborough County.
Bolger and Pasquale engaged in a plan to convert the apartment complex to condominiums. Brenden Bolger also aided the developers in the sale of numerous condominium units at The Arbors through his company Capital Management Guarantee, LLC.
Bolger created an addendum to the purchase contract to entice buyers. The addendum offered buyers various incentives such as rental supplements and money to defray maintenance costs. The addendum also included design credits for upgrades.
Bolger paid a kickback for the amount of the design credit to the buyer from Capital Management’s bank account.
Bolger and Pasquale failed to disclose to mortgage lenders material facts about the financing of the sale of the condominium units.
Pasquale’s role in the conspiracy consisted of marketing the units. He promised buyers closing cash and undisclosed incentives. This facilitated the payment of kickbacks to his clients via Capital Management Guarantee. Pasquale and Bolger also submitted false loan applications to lenders. Pasquale helped to cause a loss of approximately $937,000 to Wells Fargo Bank when the mortgages involved in the case went into foreclosure.
Bolger previously pleaded guilty to his role in this scheme.