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Home Equity Lines of Credit

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Long Island Man Sentenced In NJ/NY ‘Shotgun’ Mortgage Scheme That Cost Banks $9 Million Long Island Man Sentenced In NJ/NY ‘Shotgun’ Mortgage Scheme That Cost Banks $9 Million
Long Island Man Sentenced In NJ/NY ‘Shotgun’ Mortgage Scheme That Cost Banks $9 Million 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, 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 in Fre…

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by Jerry DeMarco
Police & Fire
Ridgefield Park Man Gets House Arrest For $495,000 'Shotgun' Real Estate Scheme Ridgefield Park Man Gets House Arrest For $495,000 'Shotgun' Real Estate Scheme
Ridgefield Park Man Gets House Arrest For $495,000 'Shotgun' Real Estate Scheme A Ridgefield Park man was sentenced Thursday to three years of supervised release, including one year of house arrest for using bogus information and simultaneous loan applications at various banks to fraudulently obtain home equity lines of credit -- a practice known as “shotgunning.” Rafael Popoteur, 65, admitted in federal court in Newark in June 2017 that he conspired with real estate broker Michael Arroyo, 60, of the Bronx, who was sentenced Thursday to 21 months in federal prison. From 2012 through January 2014, Arroyo and others conspired to fraudulently obtain multiple home equity l…

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by Jerry DeMarco