A former Florida-based appraiser with a revoked license was sentenced to 20 years in federal prison for operating a bank fraud scheme.
According to court documents, Amos Mazzant III took over the identity and license number of a legitimate licensed appraiser and then purportedly conducted onsite appraisals for dozens of properties in Florida. In reality, Martinez had fled to the Dominican Republican and paid others to go to the properties and take pictures for appraisals that he completed remotely and sent via computer to unsuspecting lenders.
Based on the false and fraudulent appraisals, the financial institutions were fraudulently induced to approve and fund mortgage loans and pay Martinez appraisal fees. As a result of Martinez’s appraisal fraud, more than $65 million in mortgages are impaired or defective. These mortgages were either guaranteed by the Federal Housing Administration or purchased and guaranteed by Fannie Mae and Freddie Mac.
Mazzant previously pleaded guilty to the charges against him.
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