Former VP of Subprime Lender Sentenced to 18 Years for Racketeering, Fraud and Grand Theft

A three-year investigation leads to his downfall.

TALLAHASSEE, FL - Attorney General Bill McCollum today announced that a former vice president of a subsidiary of one of the nation's largest subprime lenders has been sentenced to 18 years in prison for his involvement in a mortgage fraud scheme that spanned more than two years and involved loans in Hillsborough, Lee, Pinellas and Polk counties. Orson Benn, former vice president of Argent Mortgage Company, was part of an elaborate mortgage fraud scheme that involved co-defendant Scott Almeida and multiple co-defendants. Benn and his co-defendants were prosecuted by the Attorney General's Office of Statewide Prosecution.

The three-year investigation began when victims filed complaints about incomplete or substandard construction work being performed by construction companies affiliated with Almeida. Almeida and his associates secured mortgages for homeowners to finance the home repair projects by submitting fraudulent documents to Argent Mortgage Company. Benn, as vice president of Argent, approved or oversaw the approval of the fraudulent loan applications. Investigators followed the trail of fraudulent applications back to the organized criminal operation which submitted nearly 130 loans to Argent that were funded for approximately $13 million.

Argent Mortgage has cooperated with investigators and provided information and documents to support the investigation. The joint investigation was conducted by the Office of Statewide Prosecution, the Florida Department of Law Enforcement (FDLE), the Hillsborough County Consumer Protection Agency, the Tampa Police Department and the Pinellas County Department of Justice.

After the initial investigation of Benn's activities, the investigation was expanded to include additional targets that were actively engaged in fraud with Benn. Benn was ultimately charged with racketeering, conspiracy to commit racketeering, and grand theft and must serve 12 years of probation after his prison sentence has been completed. Co-defendants Frank Giffone and Adrienne White have pleaded guilty to similar charges and will be sentenced at a later date. Co-defendant Bradford Peck pleaded guilty and has already been sentenced to eight years in prison. Samuel Green, a fourth co-defendant, was convicted by a jury in August and will be sentenced in October. Almeida pleaded guilty in October 2007 and will serve 10 years in prison for the crimes he committed.