Florida Home Loan Broker Guilty of Fraud

We wish it weren’t the case, but evidence of predatory lending lives in Florida. A Bradenton real estate broker pleaded guilty this week to charges she participated in an East Manatee mortgage fraud scheme, but still contends she committed no crime.

In a federal courtroom in Tampa, Mary E. Bolan on Wednesday pleaded guilty to 21 counts of mail and wire fraud, along with conspiracy to commit mail and wire fraud, The Bradenton Herald reported.

Bolan faces a five-year prison term, a $250,000 fine or both, on each count. She’s a solid example of why the state is trying to crack down on illegal practices committed by Florida home loan brokers and lenders.

She was accused of being involved in a scheme to obtain inflated mortgages on 30 properties - 25 in East Manatee - through fake appraisals and fraudulent Florida home mortgage loan applications.

But her attorney portrayed her Thursday as someone who simply did the job she was hired to do and didn’t reap any financial gain from the fraud.

“Mary Bolan wasn’t involved in any real fraud,” said her attorney, Richard Escobar. “Her only fault was that she was involved with other individuals.”

Six others also have been charged in the case. Three - Todd A. Kolbe, Amy Samelson Kolbe and Kirk McVey - are to be sentenced today. Each previously pleaded guilty to a single count of conspiracy to commit wire and mail fraud.

The lesson here is simply to be careful as you go through the Florida home loan process. It can be tricky and you need to really trust those with whom you’re doing business.