A Miami Beach man who cost lenders millions during a real estate flipping scheme in Hillsborough County was sentenced Tuesday to 11 years, 3 months in federal prison, the U.S. Attorney's Office said. The court also ordered Stephen Mayer, 51, to repay more than $3.1 million to affected lenders and forfeit $4 million.
Between 2003 and 2007, authorities said, Mayer recruited buyers with good credit to get mortgage loans and transfer the titles back to him. He then transferred properties among investors for a profit. Agents identified more than 20 homes involved in the scheme.
A federal jury found Mayer guilty of conspiracy to commit wire fraud and nine counts of wire fraud affecting a financial institution in January. He was originally indicted in May 2014.