A former mortgage broker who defrauded a vulnerable adult and another woman from Duluth — as well as other homeowners around the state — of the equity in their homes was sentenced Thursday to 23 years in prison. Michael Fiorito, 41, of Prior Lake, Minn., was convicted by a federal jury last May of one count of conspiracy to commit mail fraud and six counts of mail fraud. According to court documents and evidence presented at trial, Fiorito was a mortgage broker at three Minnesota mortgage companies between 2004 and 2007. During that time, he worked with his assistant, Kristin Louise Jerde, to devise a scheme to defraud homeowners who were in foreclosure or behind on their mortgage payments.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio