Lake County Woman Pleads Guilty to Bank Fraud Conspiracy Charges

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida; and John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, announce that defendant Linda Irene Rovetto, 69, of Lake County, pled guilty yesterday in connection with her participation in a bank fraud conspiracy scheme. More specifically, Rovetto pled guilty to converting and misdirecting more than $3.5 million of real estate escrow funds, in violation of Title 18, United States Code, Sections 1344 and 1349.

Sentencing has been scheduled for August 20, 2012 at 11:30 a.m. before U.S. District Judge Jose E. Martinez. At sentencing, Rovetto faces a possible maximum statutory sentence of 30 years in prison.

On December 9, 2010, defendant Rovetto and three others were indicted on bank fraud, conspiracy, and related mortgage fraud charges. According to the charges, Rovetto, through her company Florida Lakes Title & Closing LLC, along with various co-defendants, were diverting escrowed mortgaged funds from real estate closings. In this way, the defendants diverted more than $3.5 million in mortgage loans to Raviworld New Homes Inc., a company managed by codefendant Bhaardwaj Seecharan. Bhaardwaj Seecharan pled guilty on April 2, 2012 to the same charges as Rovetto. Sentencing for Seecharan is also scheduled before Judge Martinez on August 20, 2012.

Mr. Ferrer commended the investigative efforts of the FBI. Mr. Ferrer also thanked the State of Florida Office of Financial Regulation, Bureau of Finance, West Palm Beach Regional Office for their work on this investigation. The case is being prosecuted by Assistant U.S. Attorney Theodore Cooperstein.

A copy of this press release may be found on the website of the United States Attorney’s Office for the Southern District of Florida at www.usdoj.gov/usao/fls.