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U.S. Attorney: Plant City Developer Pleads Guilty to Bank Fraud

Courts | Law | TB Reporter

He created and executed a mortgage fraud scheme involving Saratoga Resort Villas, a condominium conversion of a former hotel located in Kissimmee, according to the U.S. attorney.

ORLANDO – A Plant City real estate developer has pleaded guilty to a scheme to defraud mortgage lenders, according to the U.S. Attorney’s Office for the Middle District of Florida.

Marek Harrison, 56, of Plant City, faces a maximum penalty of 30 years in federal prison after pleading guilty to bank fraud. A sentencing date has not been set.

According to the plea agreement, between September 2007 and December 2008, Harrison created and executed a mortgage fraud scheme involving Saratoga Resort Villas, a condominium conversion of a former hotel located in Kissimmee.

Harrison’s scheme to defraud financial institutions involved kickbacks of mortgage proceeds to buyers and co-conspirators, as well as misrepresentations regarding the source of down payment funds for the transactions. None of the incentives and kickbacks were disclosed to the mortgage lenders. Harrison also recruited otherwise unqualified buyers, and provided down payment money for the buyers.

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