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Federal National Mortgage Association (Fannie Mae)

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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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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