FBI raids Volusia County warehouse in mortgage fraud investigation

Published On: Jan 31 2013 12:07:33 PM EST
Updated On: Jan 31 2013 06:37:14 PM EST

Federal Bureau of Investigation agents have raided a warehouse in Port Orange over a mortgage fraud scheme.

PORT ORANGE, Fla. -

Federal Bureau of Investigation agents have raided a media warehouse in Port Orange over a mortgage fraud scheme after a three-year investigation.

The search warrant was served at the Waverly Media warehouse complex off of Spruce Creek Road at around 10 a.m. The FBI believes the company would pay elderly people to use their names and credit information on mortgage applications, adding additional false information, in order to buy expensive luxury homes-like a $2.5 million mansion on the Halifax River in Daytona Beach Shores. 

The company would then allegedly lease them out to vacationers, keeping the payments. Investigators say the mortgage wouldn't be paid and the home would eventually fall into foreclosure.

The company is owned by longtime real estate agent Ramara Garrett and although the investigation has been focused on her, she hasn't been charged as of Thursday. FBI agents said no arrests will be made on Thursday.

It's unclear what FBI agents hoped to find during the raid on the warehouse and if it has helped their case.

Agents tell Local 6 the scam could total more than $50 million and could involve fraudulently purchased homes all over the state of Florida.

No other information was immediately available.

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