fredericacade.wordpress.com | September 17, 2014
U.S. Attorney’s Office
March 31, 2014
Middle District of Florida
Former Bank Executive Sentenced for Mortgage Fraud
ORLANDO—U.S. District Judge Roy B. Dalton, Jr. today sentenced Braden Koegel (35, Apopka) to three years and six months in federal prison for bank fraud. Koegel pleaded guilty on November 21, 2013.
According to court documents, Koegel, a former home lending executive at a local bank, fraudulently obtained more than $2 million worth of fraudulent home mortgages on two properties in North Carolina. He did so by utilizing straw purchasers (individuals who would act as buyers) to purchase the properties and by lying about the income and assets of these straw purchasers on loan applications. Both of these properties ultimately went into foreclosure, resulting in a loss of more than $1 million to the lenders.
This case was investigated by the Federal Bureau of Investigation, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, and the Florida Division of Financial Services. It was prosecuted by Assistant United States Attorney Vincent S. Chiu.
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