Stephen Lalonde, 43, of Fort Lauderdale, was sentenced this morning to five years in prison in connection with a $1.3 million mortgage fraud scheme.
According to court records and statements made in court, Lalonde stole more than $1.3 million at real estate closings as part of a scheme to defraud legitimate borrowers, lenders, and Spectrum Title, an Oakland Park title insurance company in connection with six real estate closings.
The legitimate borrowers were trying to re-finance and pay off existing mortgages. However, Lalonde kept the loan proceeds and did not use the money to pay off the borrowers’ pre-existing loans. He was charged with mail fraud and making false statements.
In addition to his prison sentence, Lalonde was ordered to pay nearly $1.9 million restitution to the victims.
