Preacher jailed for $750K mortgage fraud

Nelson Cristiano Machado Jr., a Bradenton resident, has been sentenced to three years in federal prison for wire fraud in a mortgage scheme over Lee County homes worth more than $750,000.

A jury previously convicted Machado, 50, of the charges.

Machado, according to evidence presented at trial, knowingly participated in a scheme to defraud mortgage lenders. Authorities say he entered into a sales contract for the purchase of two residences in Cape Coral, one for $509,900, and another for $249,900.

But in his loan applications officials contend Machado falsely represented his employment, the balance of his bank account and that each of the homes would be his primary residence. He also failed to disclose to his second mortgage lender that he already obtained a first mortgage for $343,000 and a second mortgage for $147,000, according to a statement from the U.S. Attorney's office.

Machado also failed to disclose the purchase of another residence located in Fort Myers for which he obtained a mortgage in the amount of $189,050, authorities say. Mortgage lenders, using Machado's false representations, approved his loan applications and wired the funds to the designated title agencies for closings, according to authorities.

The U.S. Attorney's office, in the release, lists Machado as a pastor. In separate court documents officials say Machado preached a Portuguese language service at First Assembly of God Church in Bradenton.