A Miami resident has admitted guilt in a scheme involving fraudulent acquisition of multiple home equity lines of credit (HELOCs) using a single property as collateral. Alfred Lenoris Davis, 51, conducted this multi-lender fraud in June and July 2023 by submitting false information to financial institutions during HELOC applications. He provided fraudulent tax returns and falsely claimed his property was free from other liens, despite having secured or applied for additional HELOCs with the same asset.
Through these deceptive practices, Davis obtained approximately $1,257,500 in credit lines under false pretenses. The funds were used for personal expenses and other purposes. Charged with three counts of wire fraud and two counts of money laundering, Davis entered a guilty plea on May 5.
His sentencing is set for July 24 in Miami. Each count of wire fraud carries a potential sentence of up to 20 years in prison, while each count of money laundering could result in up to 10 years.
The announcement was made by U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and acting Special Agent in Charge Brett Skiles of the FBI's Miami Field Office.
The case was investigated by FBI Miami, with Assistant U.S. Attorney Jonathan Bailyn prosecuting and Assistant U.S. Attorney Sarah Klco handling asset forfeiture.
Further court documents and information are accessible on the website of the District Court for the Southern District of Florida or via their PACER system under case number 24-cr-20456.