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Charlie Divine

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Mortgage Fraud: NJ Developer, Attorney Admit Swindling Lenders Out Of $3.5M Mortgage Fraud: NJ Developer, Attorney Admit Swindling Lenders Out Of $3.5M
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…

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by Jerry DeMarco
Police & Fire
Bergen Broker Gets 18 Months In Fed Pen For 'Short Sale' Scam Bergen Broker Gets 18 Months In Fed Pen For 'Short Sale' Scam
Bergen Broker Gets 18 Months In Fed Pen For 'Short Sale' Scam A Bergen County real estate broker was sentenced to a year and a half in federal prison for his role in a $4.6 million “short-sale” scheme. Steve Young Kang, 66, of Ridgefield, and others sold properties to an accomplice, Mehdi Kassai, for substantially less than they were worth, Acting Principal Assistant U.S. Attorney and Executive Assistant U.S. Attorney Rahul Agarwal said. The conspirators used false documents, straw buyers and cosmetic property damage, while also restricting the ability of others to bid on and buy those properties, Agarwal said. Kassai then “sold many of those propert…

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by Jerry DeMarco