TAMPA — A Tampa man has been sentenced to more than a decade in prison for his role in a mortgage fraud scheme, the U.S. Attorney's Office announced Thursday.
A judge on Wednesday sentenced Joseph Daniele, 42, to 10 years and one month in federal prison for conspiracy to commit wire fraud. He was also ordered to pay nearly $7.5 million in monetary damages. He pleaded guilty last year.
According to documents, Daniele was a developer who flipped houses across the state, including about 80 in St. Petersburg.
He and others touted "no money down" investment opportunities to buy Section 8-ready houses. But the loans they arranged actually required borrowers to put money into the deals. So, according to prosecutors, Daniele arranged to front the down payments through complex deals.
But most of the houses fell into foreclosure, leading to more than $7 million in losses to the lenders.