Man charged in mortgage scam

Stevie McDonald, 41, of Winter Haven, Polk County, has been charged with multiple counts of bank fraud and conspiracy to commit bank fraud.

If convicted, McDonald faces up to 30 years in federal prison for each count, according to a statement from the U.S. Attorney's Office. Authorities also seek a money judgment of $509,221.

According to the indictment, McDonald allegedly participated in a conspiracy to defraud federally insured financial institutions with residential mortgage loans made by JP Morgan Chase Bank and Washington Mutual Bank. McDonald and others submitted false and fraudulent information to the lenders, inducing them to make the mortgage loans, the statement says. As a result, the banks sustained losses of $509,221, authorities contend.