Florida pastor convicted of mortgage fraud
Nelson Machado, Jr. faces up to 90 years in prison
BRADENTON, Fla. – A federal jury convicted a Florida pastor on three counts of wire fraud, according to the U.S. Department of Justice.
Nelson Cristiano Machado, Jr., 50, of Bradenton, faces a maximum penalty of 30 years in federal prison on each count.
Machado knowingly participated in a scheme to defraud mortgage lenders, according to evidence presented at trial.
He entered into a sale contract for the purchase of two residences in Cape Coral, one for $509,000 and another for $249,900.
In his loan applications, Machado falsely represented his employment, the balance of his bank account, and that each of the homes would be his primary residence.
He also failed to disclose to his second mortgage lender that he had already obtained a first mortgage in the amount of $343,000 and a second mortgage in the amount of $147,000.
Machado also failed to disclose the purchase of another home in Fort Myers for which he had obtained a mortgage in the amount of $189,050.
The mortgage lenders approved his loan applications and wired the funds to the designated title agencies for closing.
Machado's sentencing hearing is scheduled for September 26, 2016.
A mug shot was not released because this is a federal case.