News Release:Associated Press
TAMPA, Fla. (AP) -- A developer who "flipped" houses throughout Florida has been sentenced to 10 years in prison for what prosecutors say was a mortgage fraud scheme.
A federal judge also ordered 42-year-old Joseph Daniele to pay a $7.4 million judgment.
Daniele pleaded guilty to fraud conspiracy in May.
Prosecutors say Daniele advertised "no money down" home investment opportunities to buy homes targeted to low-income buyers with good credit.
However, prosecutors say the loans required the investors actually to put their money into the deals.
Prosecutors say the scheme involved hundreds of properties. Most of the properties fell into foreclosure, resulting in at least $7 million in losses.