Former BofA short-sale negotiator prison-bound in ‘property flopping’ scheme

Prosecutors say 'large number of related cases' pending in Southern California

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

A former Bank of America short-sale negotiator has been sentenced to 30 months in prison and ordered to pay $5.7 million in restitution for his role in a fraud scheme in which prosecutors said he accepted bribes to sign off on the sale of at least nine homes to flippers at prices far below their market value. Kevin Lauricella, 29, of Thousand Oaks, will also forfeit his own home, which was purchased with some of the bribe money, prosecutors said. Bank of America said Lauricella was fired in 2011, and that it has been cooperating with an FBI investigation. Three other defendants signed off on plea agreements that suggest such short-sale property flopping was widespread, the Los Angeles Times reports. "It's part of a large, ongoing investigation," Assistant U.S. Attorney Ranee Katzenstein told the Times. "There are a large number of related cases." Katzenstein works out of the U.S. Attorney's Office for the Central District of California, which covers seven counties: Los A...