Estimated reading time: 0 minutes, 28 seconds

Lawyer, Developer Plead Guilty to $3.5M Mortgage Fraud

An attorney and a real estate developer from New Jersey have each admitted to conspiring to orchestrate a mortgage fraud scheme that caused a lender, Fannie Mae and insurers to lose more than $3.5 million. So reports My Central Jersey.

Scam road sign 464653 1920 150x150Fausto Simoes of Long Hill and Victor Santos of Watchung entered their guilty pleas by videoconference in front of the U.S. District Court Judge Michael Shipp.

Santos, the developer, led the scheme to recruit fake, or “straw” buyers to purchase 12 properties in Newark, court documents show.

Read the full article from My Central Jersey.

Read 851 times
Rate this item
(0 votes)

FOLLOW US

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.