Fla. Lawyer in $83M Real Estate Fraud: I Didn't Think It Was Criminal
Testifying yesterday in a co-defendant’s federal mortgage fraud trial in Tampa, Florida attorney John Yanchek admitted that he had repeatedly lied to banks to help his clients get loans that reportedly totaled some $83 million.
His methods included drafting false deeds and a secret joint-venture agreement, preparing two sets of closing documents—one accurate and one fraudulent—and writing letters to banks that falsely stated he was holding deposit money, reports the Sarasota Herald-Tribune.
But Yanchek—who has already accepted a plea deal in his own case—said he was merely following his client’s instructions and didn’t realize what he was doing was wrong, the newspaper recounts.
“I didn’t know at the time I was committing a crime,” Yanchek, who practiced in Sarasota, testified yesterday. “I’m not a criminal attorney. I thought I was assisting my client to get loans closed.”
He does know, however, that he is likely to lose not only his law license but his freedom when he is sentenced in his own case, he told the court.
Additional coverage:
ABAJournal.com: “Fla. Closing Attorney Pleads in $83M Loan Fraud Case, Could Get 10 Years or Less”
Sarasota Herald-Tribune: “Deal fees may have fueled fraud case”
Sarasota Herald-Tribune: “At Nardelli conspiracy trial, plan called a web of lies”
