Parkland real estate agent pleads guilty to mortgage fraud

A 42-year-old real estate agent from Parkland pled guilty in federal court on Tuesday for his role in mortgage fraud schemes at the Versailles community in Wellington, according to U.S. Attorney Wifredo A. Ferrer.

David Lam pled guilty to conspiracies to commit mail and wire fraud and money laundering, prosecutors said.

He joins five co-defendants who have pled guilty, and four of whom have been sentenced. They include Carl Alexander, 45, of Parkland, who was sentenced four years in prison; Carol Asbury, 59, of Lake Worth, who got more than two years; Victoria Wilson, 30, from Hollywood, who got two years; Patrick Brinson, 34, of Miami, who got more than six years; Pamela Higgins, from Arizona, who awaits sentencing. So far, they owe more than $11 million in combined restitution, according to court documents.

They used “straw buyers” to submit false paperwork to various mortgage lenders substantially inflating the purchase price of the properties. The fraudulent loan proceeds were then laundered through multiple accounts to conceal the source and distribution of the money and were ultimately used for the benefit of the suspects and their co-conspirators, evidence showed.

The schemes Lam pled guilty to involved more than $15 million in mortgage loans on 12 Versailles properties and more than $5 million in fraudulent loan proceeds, according to court records.

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