Michael Tringali, 46, a Florida businessman, agreed to plead guilty yesterday to one count each of loan fraud, bank fraud and money laundering in a $83 million mortgage fraud case. Tringali also agreed to pay $6.9 million in restitution and to testify against his former partners to further reduce his sentence. In exchange, the government agreed to drop 15 other mortgage fraud counts against him. In a 96 count indictment handed down in July, Tringali was charged with defrauding seven banks, together with co-conspirators Neil Mohammad Husani, right, John Yanchek and Larry Nardelli.Husani was last known to be in Amman, Jordan where authorities are seeking to extradite him in this case. Both Yanchek and Nardelli have plead not guilty. The fraud allegedly took place between June 2004 and March 2006 wherein Husani purchased 2,000 acres of land in Sarasota and Manatee Counties and resold the property to Tringali and the other defendants for an inflated price. The transaction allowed Tringali and the others to obtain seven mortgages from seven banks totalling $83 million. Tringali still faces as much as 5 years in prison and a fine of $250,000, in addition to the restitution.
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