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Federal Housing Finance Agency’s Office of Inspector General

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$150M BANK FRAUD: Teaneck Landlord Gets 8 Years, No Parole $150M BANK FRAUD: Teaneck Landlord Gets 8 Years, No Parole
$150M Bank Fraud: Teaneck Landlord Gets 8 Years, No Parole A Teaneck landlord must spend the next eight years in federal prison -- without parole -- for orchestrating a $150 million bank and securities fraud scheme. Seth Levine, 53, was the founding partner, owner, and managing member of Norse Holdings, the parent company to more than 70 subsidiaries, U.S. Attorney Philip R. Sellinger said. Each of the subsidiary companies owned one or more multifamily buildings, mostly in New Jersey, he said. Beginning in 2009, Levine directed a scheme for nearly a decade to fraudulently refinance the multifamily properties by lying on refinancing appli…

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by Jerry DeMarco
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Ridgefield Park Man Gets 15 Months In Fed Pen For Major Mortgage Fraud Ridgefield Park Man Gets 15 Months In Fed Pen For Major Mortgage Fraud
Ridgefield Park Man Gets 15 Months In Fed Pen For Major Mortgage Fraud A Ridgefield Park man was sentenced Friday to 15 months in federal prison for his role in a scheme to defraud mortgage lenders out of hundreds of thousands of dollars. Dennys A. Tapia, 55, took a deal from the government rather than go to trial, pleading guilty to a single count of conspiring to commit bank fraud last December. He'll have to serve out the entire sentence because there's no parole in the federal prison system. Tapia and a number of unnamed co-conspirators produced bogus documents to a loan officer for potential borrowers, including fraudulent lease agreements, bank statement…

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by Jerry DeMarco
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Feds: Teaneck Owner Of 70 Multi-Family Properties Admits $150M Bank Fraud Scheme Feds: Teaneck Owner Of 70 Multi-Family Properties Admits $150M Bank Fraud Scheme
Feds: Teaneck Owner Of 70 Multi-Family Properties Admits $150M Bank Fraud Scheme A Teaneck landlord admitted in federal court this week that he orchestrated a $150 million bank and securities fraud scheme that lasted nearly 10 years. Seth Levine, 52, told a U.S. District Court judge in Newark via teleconference that he and others pocketed cash they received by illegally refinancing 70 multi-family buildings containing nearly 2,500 apartments. Levine said he lied on refinancing applications about the rents collected, the number of apartments leased, expenses and the true owners of the complex, Acting U.S. Attorney for New Jersey Rachael A. Honig said. That wasn’t all: L…

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by Jerry DeMarco
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Feds: Ridgefield Park Man Admits Role In Major Mortgage Fraud Feds: Ridgefield Park Man Admits Role In Major Mortgage Fraud
Feds: Ridgefield Park Man Admits Role In Major Mortgage Fraud A Ridgefield Park man admitted his role Thursday in a scheme to defraud mortgage lenders out of hundreds of thousands of dollars. Dennys A. Tapia, 54, took a deal from the government, pleading guilty to a single count of conspiring to commit bank fraud, rather than go to trial. Tapia and a number of unnamed co-conspirators produced bogus lease agreements, bank statements, pay stubs and employment verifications that secured mortgage loans for unqualified property buyers, as well as a “straw” borrower who participated in the scheme, U.S. Attorney Craig Carpenito said. A lender “issued a…

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by Jerry DeMarco