Preacher Put Behind Bars Due to $750,000 Mortgage Fraud

by San Antonio Attorney

Nelson Cristiano Machado, a preacher residing in Bradenton, has received a sentence of three years imprisonment for engaging in a mortgage scheme in Lee County Homes.

The 50-year-old preacher was previously convicted by the jury for the same charges.

Machado was allegedly involved in a scheme that defrauded mortgage lenders.  He was also involved in a sales contract of two residence purchases in Cape Coral and another house worth $249,000.

According to loan applications, the officials testified that Machado falsified his nature of work, the amount of money in his bank account and other claimed assets.  Machado failed to declare his first mortgage deal costing $343,000 and another mortgage deal that cost $147,000.

Machado did not declare a purchase of another residence in Fort Myers, which was priced at an amount of $189,050.  Machado, recognized under a false representation, was approved for a loan application by mortgage lenders.  The funds were then wired to each designated title agencies, according to a report by the authorities.

Machada was listed as a pastor as reflected on a list in the United States’ Attorney’s office.  In a separate court document, Machado was considered a preacher at a Portuguese language service connected to the Church of The First Assembly of God.

Mortgage fraud, by definition, occurs when one intentionally misrepresents information in order to have mortgage financing to his/her own benefit.  Lenders who falsify information are also held liable for mortgage fraud.  They will held entirely responsible for any financial crisis should default occur.

Mortgage fraud will be prosecuted as wire/bank fraud and money laundering in the United States federal courts.  A person declared guilty will receive a penalty of up to thirty years in jail.  Penalties may vary from state to state for mortgage fraud.

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