Title firm manager pleads to diverting $3.5M
CLERMONT
Title firm manager pleads to diverting $3.5M
Staff Report
The manager of a Clermont title company has pleaded guilty to diverting more than $3.5 million of real estate escrow funds, authorities say.
Linda Irene Rovetto, 69, of Florida Lakes Title and Closing LLC, 9516 Louisa Court, is scheduled to appear on Aug. 20 before U.S. District Judge Jose E. Martinez for sentencing.
She faces a possible maximum sentence of 30 years.
According to the U.S. Attorney's Office and the FBI, Rovetto, along with various co-defendants, were diverting escrowed mortgaged funds from real estate closings. In this way, the defendants misdirected more than $3.5 million in mortgage loans to Raviworld New Homes Inc., a company managed by codefendant Bhaardwaj Seecharan.
Martinez also set sentencing for Seecharan on Aug. 20 after accepting a plea guilty on April 2 to the same charges as Rovetto.
Four defendants in the case were indicted on bank fraud, conspiracy, and related mortgage fraud charges on Dec. 9, 2011.
State records show Rovetto also is the registered agent for JLN Consulting Inc., and is a director of the Hills of Lake Louisa Homeowners Association Inc.
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, praised the efforts of the FBI, the State of Florida Office of Financial Regulation, Bureau of Finance, and West Palm Beach Regional Office for its work on the investigation. The case was prosecuted by Assistant U.S. Attorney Theodore Cooperstein. .
Friday, May 04, 2012 - www.dailycommercial.com/050412hack