Hector Hernandez, owner and operator of Miami mortgage lender Great Country Mortgage Bankers was sentenced today to serve 135 months in prison and pay $64,508,141 in restitution and forfeit $8,000,000 in illicit profits for his role in orchestrating a $64 million mortgage fraud scheme. Also sentenced was real estate developer Aleida Fontao (41 months in prison, $7,131,952 in restitution and $400,000 in forfeiture); and underwriter Olga Hernandez (51 months in prison and $24,512,755 in restitution). Hector Hernandez admitted that his company employed loan officers, loan processors and underwriters, including Olga Hernandez and Fontao, whom he knew approved and submitted false and fraudulent Federal Housing Administration mortgage loan applications and accompanying documents to HUD on behalf of unqualified borrowers. These documents included false pay stubs, false verification of employment forms, and fictitious letters from the borrowers. DOJ
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