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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…
Heroin, Illegal Firearms, $15K In Drug Money Seized From Six Men In Newark: Police
Several decks of heroin and six illegal firearms and more than $15,000 in drug money were seized from eight men in Newark, authorities announced.
The execution of a search warrant at a home in the East Ward led to the arrests of Justin White, 25, and Julio Rodriguez, 54, on Tuesday, April 26, Newark Public Safety Director Brian A. O’Hara said.
There, police confiscated an assault rifle, 12-gauge shotgun, .38-Special revolver, .357 Magnum revolver, .6MM BB gun, and multiple rounds of ammunition. Police also recovered 21 bricks and 41 glassine envelopes of suspected heroin, along wi…
