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Home Equity Lines of Credit

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Nassau Man Sentenced In ‘Shotgun’ Mortgage Scheme That Cost Banks $9M Nassau Man Sentenced In ‘Shotgun’ Mortgage Scheme That Cost Banks $9M
Nassau Man Sentenced In ‘Shotgun’ Mortgage Scheme That Cost Banks $9M A Long Island man was sentenced to a year and a day in federal prison for his role in a $9 million ‘shotgun’ mortgage scheme in New Jersey and New York. Yorce Yotagri, age 54, of Freeport, admitted last year that he partnered with Jorge Flores of Oakdale and Jose Piehrahita, also of Freeport, to secure several home equity lines of credit for the same properties and pocket the money before the lending banks found out, Acting U.S. Attorney Rachael A. Honig said. One of those properties was in Jersey City, a complaint filed in U.S. District Court in Newark says. Yotagri lived on another i…

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by Jerry DeMarco