Article Courtesy of The Tampa Bay Business Journal

By Margie Manning 

Published December 22, 2014

A Miami attorney is at least the fourth person to plead guilty to charges stemming from a troubled real estate project in Carrollwood.

Rashmi Airan-Pace pleaded guilty to conspiracy to commit wire, mail and bank fraud in connection with the purchase of The Arbors, according to a statement from the U.S. Attorney for the Middle District of Florida.

The Arbors was an apartment complex at 3939 Ehrlich Road in Tampa that co-conspirators planned to buy and convert to condo units, financing their plan with a loan from now-defunct Corus Bank. The loan agreement imposed strict conditions on the timing of the conversion process and how the sale proceeds would be handled.

Airan-Pace, the escrow agent involved in closing the condo sales, facilitated the inclusion of material misrepresentations in the closing documents and transferred funds in violation of the loan agreement, federal prosecutors said.

She faces up to five years in federal prison, and will forfeit property, including $26,974, which represents title insurance premiums she earned, the statement said.

At least three others pleaded guilty earlier in the scheme: Brendan Bolger, the owner of a company involved in the sale, and David Vazquez and Glorida Arias, former mortgage brokers.