Ringleader in loan fraud gets 11 years’ prison

Author: Associated Press
MGN Online

MIAMI (AP) – The convicted ringleader of a South Florida loan fraud scam that involved thousands of victims and $7 million in losses has been sentenced to 11 years in prison.

Federal prosecutors said Tuesday that 39-year-old Jason Vitulano of Boca Raton also was ordered to pay $5.9 million in restitution to victims. The 11-year sentence is being tacked on to a six-year sentence Vitulano is already serving for another mortgage fraud conviction.

Court documents show Vitulano and nine other people opened phone boiler rooms where they would call homeowners in danger of losing their houses to foreclosure. The scam involved false promises of a loan modification in exchange for a payment of an upfront fee.

Authorities say some 2,000 people fell victim to the scam.

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