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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.
Fausto 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.
