Crime & Safety
Married Westwood Couple Convicted in $3.4M Mortgage Fraud
Linda Yarleque and Fabio Moreno Vargas were both convicted of bank fraud and conspiracy to commit wire fraud.
A Westwood husband and wife were both convicted Thursday for a scheme which netted them about $3.4 million in fraudulently obtained mortgages, U.S. Attorney Paul J. Fishman announced.
Linda Yarleque, 44, and her husband, Fabio Moreno Vargas, 46, were both convicted of bank fraud and conspiracy to commit wire fraud, according to Fishman.
The pair obtained 10 loans over three years by using fake information about their employment, income, debts, other properties they owned and even where they lived, according to Fishman. By refinancing the mortgages, they were able to pocket $269,000, which they used for vacations, cars and other properties.
Yarleque and Vargas even created a phony business where they claimed to be employed, using a phone line under the name "My Limousine" and made-up names of employees to trick mortgage lenders, according to Fishman.
The punishment for both Yarleque and Vargas could be as steep as 30 years in prison and $1 million fine for each count. Sentencing has been scheduled for March 11, 2014.
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