Juan Velez's sentencing in Guzman-led mortgage scheme delayed until November

The sentencing of Juan Velez, a Waterford resident tied to a mid-2000 fraud scheme led by former New London mortgage originator Jose Guzman, has been put off until November.

Velez, scheduled to be sentenced last month to as many as 46 months in prison and a $1.8 million fine for his part in the scheme, requested the delay. He is currently scheduled to appear in Hartford's U.S. District Court before Judge Robert N. Chatigny at 10 a.m. Nov. 18 in Courtroom Three.

Velez, now in his 60s, pleaded guilty to one count of bank fraud in a $1.2 mortgage scheme involving multiple properties in New London from 2006 to 2007. Prosecutors charged that Velez sold a property at 624-626 Montauk Ave. for an inflated price knowing that loan documents contained false documentation.

Velez also was accused of being involved in other, similar deals in which he and co-conspirators shared fraudulently obtained mortgage money.

Guzman, whose New London attorney Michael R. Hasse filed a motion to delay his sentencing last month, is not expected to learn his fate until Oct. 25 at the earliest. Guzman already has been granted eight continuances since he reached a plea agreement with prosecutors in September 2008.

According to the agreement, Guzman will receive a sentence of up to 10 years in prison for spearheading the mortgage fraud that prosecutors traced back to 2004. The exact date of sentencing for Guzman, who pleaded guilty to one count of bank fraud, has not yet been set.



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