Miami, Fla. - (Dec. 11, 2008) R. Alexander Acosta, United States Attorney for the Southern District of Florida, Michael Fithen, Special Agent in Charge, United States Secret Service, Miami Field Office, Betty N. Steawrt, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, Duncan Foster, Chief of Police, Coral Springs Police Department, and Sheriff Al Lamberti, Broward County Sheriff’s Office, announced that defendant Peter Affatati, 39, of Coral Springs, FL, pled guilty today to a three-count Information charging him with fraud.
Peter Affatati pled guilty to orchestrating a $40 million mortgage fraud scheme that involved more than 50 residential mortgages, most in South Florida. Peter Affatati would use nominee purchasers (commonly referred to as “straw buyers”) of the residential properties. Through his company, Assurance Title, Peter Affatati would falsify the employment, income, and assets of the straw buyers to qualify them for large mortgages from institutional lenders. Upon the funding of the mortgage, Peter Affatati would wrongfully divert a large portion of the proceeds for his own use and benefit. Peter Affatati was also convicted of defrauding a victim in North Carolina by selling him fictitious securities in the amount of $390,000.
Mr. Acosta commended the investigative efforts of the United States Secret Service, the Internal Revenue Service, the Coral Springs Police Department and the Broward Sheriff’s Office for investigating this case. The case is being handled by Assistant United States Attorneys Steve Petri and Harry Wallace.
A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.
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SOURCE: United States Attorney's Office
Southern District of Florida