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Mortgage Fraud: NJ Developer, Attorney Admit Swindling Lenders Out Of $3.5M
A New Jersey real estate developer and a lawyer admitted running a multi-layered mortgage fraud that cost banks more than $3.5 million in losses, federal authorities said.
Developer Victor Santos, 63, of Watchung, paid stand-in "straw" buyers $5,000 each to first purchase a dozen properties in Newark and then secure tenants to lease them, U.S. Attorney Philip R. Sellinger said.
A group of conspirators including him and attorney Fausto Simoes, 69, of Millington, covered the costs -- including fees and mortgage payments, the U.S. attorney said.
"Santos, Simoes, and others also caused the sub…
7-Eleven Selling These 18 New Jersey Locations
7-Eleven Inc. is looking to sell or lease 73 of its stores, 18 of which are in New Jersey.
NRC Realty & Capital Advisors LLC is helping with the process, having posted a list of all of the sites along with a bid deadline of Tuesday, Nov. 1.
Some of the stores are some of the 3,800 Speedway stores that 7-Eleven purchased in May 2021.
The New Jersey stores touting for sale signs are:
Colonia, Saint Georges Avenue
Scotch Plains, Park Avenue
Newark, Broad Street
Newark, Market Street
Newark, Ferry Street
Butler, Route 23
Elmwood Park, Broadway
Holmdel, Route 35
Hackettstown, Main Street…