28 Suspects Arrested for an Alleged Mortgage Fraud Scheme
An article reported in the New Jersey Star-Ledger states that nearly 30 people were suspect of engaging in a mortgage fraud scheme. The police say that the suspects used forged documents, including fake pay stubs and bank statements, to deceive banks into offering them loans for phony properties.
Using a loan officer affiliated with the suspects, the suspects allegedly filed for loans that were never fully processed. The loan officer worked as an undercover mole that assisted the police with their investigation of the suspects.
Police also allege that the suspects of the fraud crime in New Jersey range in age from 27 – 77. They included real estate agents, mortgage consultants, appraisers, accountants, and many other people who had a great familiarity with the mortgage system. They attempted to sell properties that did not belong to them, and if their fraudulent schemes had succeeded, police say the suspects would have made approximately $5.5 million dollars.
Mortgage fraud is considered a white collar crime in New Jersey. Suspects accused of white collar crimes may be tried in federal or state courts depending on the crime. The suspects were charged with conspiring to commit wire fraud and bank fraud.
Wire fraud is a federal offense where suspects can face federal penalties of up to 30 years in prison, a criminal fine of up to $1,000,000, or both. Suspects accused of white collar crimes stand to lose not only their reputation, but also their freedom as well as their financial assets. No one should face severe legal penalties without the assistance of experienced white collar criminal defense attorneys. If you or a loved one has been accused of a white collar crime in New Jersey, contact the New Jersey white collar defense attorneys of Lependorf & Silverstein at 609-240-0044.
