Tampa man gets 10 years in fraud case

The mortgage scam bilked millions from homeowners.

By IVAN PENN, Times Staff Writer
Published October 13, 2007

A 31-year-old Tampa man pleaded guilty Friday to fraud, racketeering and theft charges in a mortgage scheme that bilked millions from homeowners in Hillsborough, Pinellas and Polk counties.

Authorities accused Scott Almeida of masterminding a mortgage scam they uncovered during a three-year investigation. Investigators found dozens of victims of the scheme that fleeced low-income, mostly minority homeowners, some of whom were seeking repairs ofdamage caused by Hurricane Charley.

Almeida agreed to a 10-year prison sentence in exchange for his guilty plea. He also agreed to cooperate with authorities in the cases against his five co-defendants and to stay out of the mortgage and title industries.

The plea agreement is the result of a three-year investigation of complaints against Almeida's businesses and those of his co-defendants.

Homeowners said Almeida and his operation made promises of home improvements that would be financed with loans against their property. But in many cases, the work was incomplete, subpar or never performed.

The case against the five other defendants is pending. Authorities also are continuing their investigation to determine whether others might have aided the scheme.

[Last modified October 13, 2007, 00:28:03]