Sarasota man charged with wire fraud

SARASOTA - A Sarasota man has been charged with one count of conspiracy to commit wire fraud and nine counts of wire fraud affecting a financial institution by the U.S. Attorney's Office.

If convicted, J. Patrick Brester, 40, faces a maximum penalty of 30 years in federal prison for each count and a $1 million fine.

According to the indictment, Brester conspired with others to engage in fraudulent cash back to buyer mortgage transactions. The transactions involved the 2007 purchase and sale of condominiums at Vintage Grand, a large condominium complex in Sarasota. Brester and his conspirators allegedly deceived mortgage lenders about the true nature of the transactions by inflating the purchase prices of the properties, and ultimately the amount lent by the mortgage lenders, to include fees that were falsely described as “management fees" or "marketing fees," U.S. attorney said.

The indictment further alleges that Brester and his conspirators caused interstate wire transfers of the loans proceeds from the victim mortgage lenders, into bank accounts held in the name of shell companies, including IGS, Inc. and Landwick I, LLC.

The case was investigated by the Federal Bureau of Investigation and the Florida Department of Law Enforcement. It will be prosecuted by Assistant United States Attorneys Matthew J. Mueller and Amanda L. Riedel.