Fla. Businessman Charged With $44M Bank Fraud Scheme

Law360, Miami (September 19, 2013, 8:19 PM EDT) -- A Florida man has been accused of swindling several banks of $44 million by forging documents used to take out mortgages to buy apartments and Central Florida hotels and other properties, according to an indictment unsealed Thursday.

Federal prosecutors allege that Pedro “Pete” Benevides, using his name and the names of his companies, applied for loans that he never intended to repay from federally insured banks First Commercial Bank, M&I Bank, Orion Bank, Community Bank of Florida, Bank of Wyoming, Washington Mutual Bank and JPMorgan Chase...
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