Real estate flipper gets 11 years, ordered to pay $7 million

A Florida man described as a “mastermind of real estate flipping” was sentenced to more than 11 years in federal prison and ordered to pay more than $7 million.

A federal judge in Tampa sentenced Stephen Mayer about three months after he was found guilty on nine counts of wire fraud and conspiracy.

Evidence presented during a nine-day trial showed Mayer bought distressed properties, then resold them at a higher price to “credit partners,” who never intended to live in the properties or… …read more