Newspaper article St Louis Post-Dispatch (MO)

Iadevito Admits Cheating Mortgage Clients

Newspaper article St Louis Post-Dispatch (MO)

Iadevito Admits Cheating Mortgage Clients

Article excerpt

Joseph A. Iadevito, president of the failed Lenders Mortgage Service Inc., pleaded guilty Friday in St. Charles County Court of seven state charges of consumer fraud.

Iadevito, 43, of New Melle, was ordered to serve a state prison sentence concurrent with a lengthy federal term he will begin next month.

After Lenders Mortgage collapsed last March, authorities learned that Lenders had failed to pay off millions of dollars in refinanced mortgages for about 60 homeowners. Lenders had been one of the biggest mortgage brokers in the St. Louis area.

Lenders purported to refinance home loans but failed to pay off the first mortgages of about 60 homeowners.

Last year, Iadevito pleaded guilty to federal charges that he defrauded a bank, a savings and loan and a mortgage company in connection with the fraud.

U.S. District Judge Stephen N. Limbaugh sentenced Iadevito to 64 months in prison on the federal charges and ordered him to serve 100 hours of community service. …

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