Hojin's SW Orlando Real Estate Scoop

Real Estate News for Dr. Phillips, Windermere, Gotha, Celebration, Winter Garden, Ocoee, Clermont, Metrowest

Hojin's SW Orlando Real Estate Scoop header image 2

Mortgage Scam in Phillips Landing & Cypress Point

July 13th, 2011 · No Comments

WTF!

I’d like to make it clear that this blog hates a thief and a liar. Thanks to our reader John for pointing out this huge scam that’s been going on here in Dr. Phillips and Windermere for quite a few years.

Osmond Decoteau, originally from Trinidad, has been accused of stealing more than $20 million in a mortgage fraud scheme where he bought properties and then re sold them to himself under different aliases, taking out over priced mortgages and pocketing the cash. The federal indictment lays out a decade of mortgage fraud involving over 80 properties in Brooklyn and Florida.

Many of the properties listed in this indictment are in Dr. Phillips namely Cypress Point and Phillips Landing.

Decoteau collaborated with Donna Daniels under numerous aliases to purchase and resell to himself the following residential properties according to an unknown source:

  • 8725 White Ibis Ct. in Cypress Point
  • 9025 Point Cypress Dr. in Cypress Point
  • 9060 Heritage Bay Cir. in Phillips Landing
  • 9048 Heritage Bay Cir. in Phillips Landing
  • 8851 Heritage Bay Cir. in Phillips Landing
  • 8830 Oak Landing Ct. in Phillips Landing
  • 8807 Oak Landing Ct. in Phillips Landing
  • 9063 Dancy Tree Ct. in Phillips Landing
  • 9117 Phillips Grove Terrace in Phillips Landing
  • 8262 Lake Serene Drive in the Bay Harbor section of Phillips Landing
  • 8101 Lake Serene Drive in the Bay Harbor section of Phillips Landing

One of the corporations that Decoteau formed here locally was Hagco which listed the 8101 Lake Serene Drive property as its headquarters. Hagco was approved by city council to build a 1,000 unit condotel on Grand National Drive near International Drive and Seaworld but the indictments put a halt to this project before it ever left the ground.

Another thing this blog totally despises is crooks filing for chapter 11 bankruptcy protection and getting away with murder. Unfortunately, I know first hand what crooks can get away with by filing for bankruptcy.

Another one of the aliases formed by Decoteau and Daniels was Joyce Don & Associates, Inc. It filed for chapter 11 in the Orlando bankruptcy courts and was dismissed with the court citing the filing was an abuse of the judicial system and the purposes of Chapter 11. At least for once, justice did hold up.

I’m sure homeowners in Phillips Landing and Cypress Point have been wondering about some of the dilapidated homes that have been sitting vacant for some time. Now here’s a story for quite a few of them.

We’re all victims of this scam. Prices were artificially inflated, mortgages are now more difficult to obtain, and we’re all paying for the money to bail out the banks.

If anyone has any acquaintance or knowledge with these 2 individuals, I encourage you to post a comment so that we can learn more about these atrocious acts.

Tags: SW Orlando Bulletin