Orlando, FL - U.S. District Judge Roy B. Dalton has sentenced Geo Geovanni (50, Moultrie, GA) to 37 months in federal prison for conspiracy to commit bank fraud and bank fraud. As part of his sentence, the court also entered a money judgment of $56,984.34, the proceeds of the fraud scheme. A federal jury found Geovanni guilty on Nov. 29, 2018.
According to testimony and evidence presented at trial, Geovanni worked as a real estate broker who owned his own brokerage firm based in Orlando. Between May and August 2008, Geovanni sold condominium units at The Landing, located in Altamonte Springs, Florida. Geovanni engaged in a conspiracy to conceal from mortgage lenders sales incentives that he provided to the buyers. These undisclosed incentives included making the buyers’ down payments and paying kickbacks after closing. As a result of his actions, Geovanni helped cause the loss of approximately $736,000 to the Federal National Mortgage Association (“Fannie Mae"), Federal Home Loan Mortgage Corporation (“Freddie Mac), and JP Morgan Chase Bank when the mortgages involved in the fraudulent transactions went into foreclosure.
This case was investigated by the Federal Housing Finance Agency Office of Inspector General and the Federal Bureau of Investigation. It was prosecuted by Special Assistant United States Attorneys Chris Poor and Joseph Capone.
Source: U.S. Department of Justice, Office of the United States Attorneys
