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Mortgage executive to plead guilty in kickback scheme

The president of two Tampa-based companies has agreed to plead guilty to a mortgage scheme to charge clients extra brokerage fees, according to federal court records.

John Robert Miller, president of American Mortgage Link and Solutions Processing, worked with an unidentified co-conspirator at Coast Bank of Florida, headquartered in Bradenton, to charged AML's clients 1 percent extra if they sought a loan from Coast, the agreement said.

The co-conspirator was paid three-fourths of the additional 1 percent as a kickback, leaving Miller with the remaining quarter-percent. Altogether, Miller transferred more than $1.1-million in kickbacks to his co-conspirator at Coast.

Prosecutors said the scam put Coast at greater financial risk if borrowers defaulted. Facing huge defaults, Coast Bank went out of business and was sold last year to First Banks of St. Louis.

Mortgage executive to plead guilty in kickback scheme 08/14/08 [Last modified: Friday, August 15, 2008 9:51am]
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