Criminal Defense
Since 1993
Since 1993
The Gap in Justice: Wall Street Bilks Billions, While “Little People” Go to Prison
By: John Guidry
I’m sure you remember the 2008 financial crisis involving Wall Street and those fraudulent mortgage-backed securities. I’m sure you’re sick of hearing about it, too, but hang in there—this all ties in, I promise. We’re going to compare the treatment a Florida citizen receives for mortgage fraud versus the “punishment” received on Wall Street for similar shenanigans. Can you guess where this is going?
Let’s start with the big guys. A federal judge recently summarized the 2008 crisis by asking: Did the defendants accurately describe the mortgages they were selling? The answer was a resounding “no.” The judge noted that “the magnitude of falsity, conservatively measured, is enormous.”1
But what about the little guy—or in our case, an Orlando woman named Jacqueline Izquierdo? She was convicted of mortgage fraud and grand theft because prosecutors claimed she provided false info on loan documents.2 The result? Jacqueline was sent to prison for 14 months, followed by two years of home confinement and nearly a decade of probation.3
Facing mortgage fraud or grand theft charges in Orlando? The “typical script” for these cases often treats homeowners more harshly than the banks themselves. Protect your rights. Call John Guidry today at (407) 423-1117.
The Case Study: Izquierdo v. State
In Izquierdo v. State, 181 So. 3d 1251 (Fla. 3rd DCA 2015), the facts are “sad but true.” Jacqueline filled out a legitimate mortgage application to Countrywide and borrowed about $216,000.4 Up to this point, there was nothing fraudulent.
The “back end” is where things went south. She told Countrywide that $146,000 should go to a company called C&C Investment to pay off a previous mortgage.5 The problem? C&C was her own company. This was fraud, no doubt about it. But here is the kicker: Jacqueline qualified for the loan and was faithfully paying it off for 18 months leading up to her arrest.6
If Jacqueline had been a Wall Street bank, she likely would have just paid a fine. Instead, because she’s a person and not a “too big to fail” corporation, she got a prison cell.
The 2025 Reality: Grand Theft and the Intent to Deprive
In 2025, Florida’s grand theft statute (F.S. § 812.014) remains one of the most powerful tools in a prosecutor’s belt. To get a conviction, they must prove you had the intent to deprive someone of their property.
| Grand Theft Tier | Property Value | 2025 Penalty (Up to) |
| Third Degree | $750 – $19,999 | 5 Years Prison |
| Second Degree | $20,000 – $99,999 | 15 Years Prison |
| First Degree | $100,000 or more | 30 Years Prison |
In Jacqueline’s case, we have to ask: Where is the intent to “deprive” if she was making her monthly payments as agreed? The State even admitted her loan application was honest. But the appellate court ruled that the “cash back” shenanigans at closing were enough to show felonious intent. They cited Henry v. State, noting that while partial payments can negate intent, “willful misrepresentations” to get a deal closed are enough to convict.7
John’s Takeaways
- The Double Standard: It is “insane” that no one on Wall Street went to prison for frauds of “enormous magnitude,” yet the “little people” like Jacqueline serve time for $216,000.
- Intent is Everything: In 2025, we use your payment history to fight the “intent to deprive” element of a grand theft charge. If you’re paying the money back, the State has a hard time proving you meant to steal it.
- Mortgage Fraud Thresholds: Under F.S. § 817.545, if the loan value exceeds $100,000, mortgage fraud is automatically a second-degree felony.8 That means you’re looking at up to 15 years just for a paperwork error.
- Failure of Proof: If the lender actually received what they bargained for (a secured loan with regular interest payments), we argue there is no actual “theft.”
- Regional Reality: Whether you are in Orange, Seminole, or Osceola County, white-collar prosecutors love to “stack” charges. We see mortgage fraud, grand theft, and organized fraud all on one arrest report.
The justice system is harsh, and I’m not just worried about the gap in wealth; I’m worried about the gap in justice. How can a ruling class get off with a fine while citizens go to prison? I’ve been defending Central Florida against this “typical script” since 1993.
If you’re caught in a mortgage dispute that the State is trying to turn into a felony, give me a call. Let’s close that justice gap together.
Facing grand theft or mortgage fraud charges? Call John at (407) 423-1117.
About John Guidry II
John Guidry II is a seasoned criminal defense attorney and founder of the Law Firm of John P. Guidry II, P.A., located in downtown Orlando next to the Orange County Courthouse, where he has practiced for over 30 years. With more than three decades of experience defending clients throughout Central Florida since 1993, Guidry has successfully defended thousands of cases in Orange, Seminole, Osceola, Brevard, Lake, and Volusia counties. He has built a reputation for his strategic approach to criminal defense, focusing on pretrial motions and case dismissals rather than jury trials.
Guidry earned both his Juris Doctorate and Master of Business Administration from St. Louis University in 1993. He is a member of the Florida Bar and the Florida Association of Criminal Defense Lawyers. His practice encompasses the full spectrum of Florida state criminal charges, with a particular emphasis on achieving favorable outcomes through thorough pretrial preparation and motion practice.
Beyond the courtroom, Guidry is a prolific legal educator who has authored over 400 articles on criminal defense topics. He shares his legal expertise through his popular YouTube channel, Instagram, and TikTok accounts, where he has built a substantial following of people eager to learn about the law. His educational content breaks down complex legal concepts into accessible information for the general public.
When not practicing law, Guidry enjoys tennis and pickleball, and loves to travel. Drawing from his background as a former recording studio owner and music video producer in the Orlando area, he brings a creative perspective to his legal practice and continues to apply his passion for video production to his educational content.