Orlando, FL – U.S. District Judge Roy B. Dalton has sentenced Geo Geovanni (50, Moultrie, GA) to 37 months in federal prison for conspiracy to commit bank fraud and bank fraud. As part of his sentence, the court also entered a money judgment of $56,984.34, the proceeds of the fraud scheme. A federal jury found Geovanni guilty on November 29, 2018.

According to testimony and evidence presented at trial, Geovanni worked as a real estate broker who owned his own brokerage firm based in Orlando. Between May and August 2008, Geovanni sold condominium units at The Landing, located in Altamonte Springs, Florida. Geovanni engaged in a conspiracy to conceal from mortgage lenders sales incentives that he provided to the buyers. These undisclosed incentives included making the buyers’ down payments and paying kickbacks after closing. As a result of his actions, Geovanni helped cause the loss of approximately $736,000 to the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac), and JP Morgan Chase Bank when the mortgages involved in the fraudulent transactions went into foreclosure.

This case was investigated by the Federal Housing Finance Agency Office of Inspector General and the Federal Bureau of Investigation. It was prosecuted by Special Assistant United States Attorneys Chris Poor and Joseph Capone.

Orlando, FL – A federal indictment has been unsealed charging Geo Geovanni (49) and Elizabeth Longerbone (39), both of Moultrie, Georgia, with conspiracy to commit bank fraud and four counts of bank fraud. If convicted, each faces a maximum penalty of 30 years in federal prison for each count. 

According to the indictment, Geovanni and Longerbone devised and executed a mortgage fraud scheme involving “The Landing,” a condominium conversion of a former apartment complex located in Altamonte Springs. The scheme involved providing the cash-to-close funds on behalf of the buyers, guarantying tenants and rental payments to the buyers, as well as paying post-closing kickbacks of mortgage proceeds to buyers and co-conspirators through entities that Geovanni and Longerbone controlled. None of the incentives or kickbacks were disclosed to the financial institutions that had approved and funded the mortgage loans. 

An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

This case was investigated by the Federal Housing Finance Agency – Office of Inspector General and the FBI. It will be prosecuted by Special Assistant United States Attorney Chris Poor.