Former Attorney Pleads Guilty in Real Estate Fraud Scheme
A former Central Florida attorney has pleaded guilty to three counts of wire fraud in connection with a years-long real estate scheme that federal prosecutors say targeted private lenders, financial institutions and title insurance companies.
Michael Saracco, 40, of Cocoa, entered the guilty plea in federal court in Orlando. He faces up to 20 years in federal prison on each count. Sentencing is scheduled for Dec. 2, 2026.
According to court documents, Saracco formerly practiced law and owned Driftwood Title in Cocoa as well as All Florida Property Solutions, or AFPS. Prosecutors said he maintained several Driftwood escrow accounts and carried out the fraud scheme between August 2019 and July 2025.
Federal authorities said Saracco sought loans from private lenders and funding companies using properties he claimed to own or planned to purchase as collateral. Prosecutors said he falsely represented that some properties were free of existing liens and, in certain transactions, told lenders that mortgage documents had been recorded with the appropriate county clerk’s office when they had not.
Authorities also said Saracco obtained additional loans without disclosing previously existing private lender mortgages and later arranged for properties to be sold without revealing those unrecorded obligations.
According to prosecutors, financial institutions then wired loan proceeds through Driftwood escrow accounts, allowing Saracco to receive hundreds of thousands of dollars in seller proceeds.
Court documents also allege that Saracco submitted closing disclosures that failed to accurately identify existing liens and, in some cases, listed debts as being paid off even though the funds were not used for that purpose.
Prosecutors said Saracco diverted money intended to pay off liens to himself through AFPS.
Authorities further alleged that Saracco issued title commitments stating that Driftwood had issued title insurance policies backed by title insurance underwriters when no such policies had actually been issued.
The case was investigated by the Federal Housing Finance Agency Office of Inspector General and the Brevard County Sheriff’s Office.
Special Assistant U.S. Attorney Chris Poor is prosecuting the case.
U.S. Attorney Gregory W. Kehoe announced the guilty plea.
