- In a $2.6 million scam, three Palm Beach County men used bogus appraisals to take out reverse mortgages on behalf of unwitting borrowers, federal prosecutors said Wednesday.In one phony deal, the trio convinced reverse mortgage lender Genworth Financial that a Sunrise condo appraised at $31,000 was really worth $275,000.
The U.S. Attorneys Office said Louis Gendason, 42, of Delray Beach, and John Incandela, 24, and Marcus Echevarria, 29, both of Palm Beach, each face one count of conspiracy to commit wire fraud. The three worked as loan officers for First Continental Mortgage, which had offices in Fort Lauderdale and Boca Raton. The office said it was its first reverse mortgage fraud prosecution.
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