Mortgage fraud leads to five years in prison for Sarasota businessman

Arthur R. Seaborne was sentenced to five years in federal prison for conspiring to commit bank fraud.

He also was ordered to forfeit $4.3 million in proceeds from the offense, according to a written statement.

Seaborne and others conspired to commit bank fraud from March 2003 through July 2008 and used several corporations, including Southeast Capital Advisors LLC.

Seaborne marketed a “no money down” residential real estate purchase program that operating by making loans to his clients to…

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