A Case of Florida Mortgage Fraud

Leandro Obenauer pled guilty to multiple criminal charges stemming from a widespread Florida mortgage fraud scheme that targeted first-time home buyers and/or individuals with low income or poor credit.
He is scheduled to be sentenced later this month to five years in prison and 15 years probation. Obenauer has also agreed to make restitution to several families who were victimized by the scheme. He was prosecuted by the state Attorney General’s Office of Statewide Prosecution.

“Not only did this individual defraud numerous home buyers and lenders, he created uncertainty and instability in the home-buying market,” said Attorney General Bill McCollum.

State prosecutors say Obenauer was involved in a scheme to purchase low-value properties at a discount, and then resell them at inflated prices while pretending to represent the property owners.

He and several co-conspirators defrauded lenders by using straw buyers whose credit information was obtained in exchange for payment and by submitting fraudulent documents to secure the Florida mortgage loans.

Obenauer also victimized buyers by misrepresenting property values and obtaining loans for buyers that they did not legitimately qualify and could not afford to repay. The investigation was conducted by the state Office of Financial Regulation.

Obenauer pled guilty to conspiracy to commit racketeering and grand theft over $100,000, both first-degree felonies, as well as four additional counts of third-degree grand theft.

As part of his sentence, Obenauer is expected to be required to deposit $50,000 with the Osceola County Circuit Court Clerk’s Office as an initial payment towards restitution. He may also be required to testify in the trial of his co-defendant, Robert Merchant Sr., who is facing charges of racketeering, organized fraud, unlicensed Florida mortgage brokering and grand theft.