Miami, FL – A Miami resident, Alfred Lenoris Davis, 51, has pleaded guilty to charges linked to a fraudulent scheme involving the misuse of home equity lines of credit (HELOCs). Davis admitted to deceiving multiple lenders by using the same property as collateral to obtain several lines of credit.
In June and July of 2023, Davis engaged in this multi-lender fraud by submitting false and misleading information on HELOC applications to various financial institutions. He provided fraudulent tax returns and falsely claimed that his property had no existing liens, despite having already secured or applied for other HELOCs using the same property. This deception led lenders to extend approximately $1,257,500 in credit under false pretenses.
The funds obtained through this scheme were used by Davis for personal expenses and other purposes. He faces charges including three counts of wire fraud and two counts of money laundering. Davis entered his guilty plea on May 5, and a sentencing hearing is scheduled for July 24 in Miami. He could face up to 20 years in prison for each wire fraud count and up to 10 years for each money laundering count.
The announcement was made by U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, along with acting Special Agent in Charge Brett Skiles of the FBI’s Miami Field Office. The FBI’s Miami office conducted the investigation, with Assistant U.S. Attorney Jonathan Bailyn prosecuting the case and Assistant U.S. Attorney Sarah Klco managing asset forfeiture.
