- Posted March 18, 2014
- Tweet This | Share on Facebook
Man admits role in $40.8M mortgage loan fraud
CAMDEN, N.J. (AP) -- Federal prosecutors say a southern New Jersey has admitted his role in a $40.8 million mortgage fraud conspiracy.
Robert Serao faces up to 30 years in prison and a $1 million fine when he's sentenced June 24.
The 48-year-old Berkeley Township resident pleaded guilty last Friday to conspiracy to commit wire fraud. Serao admitted using his position as a loan officer of Wells Fargo Home Mortgage to get the company to release more than $4.6 million based on fraudulent mortgage loan applications.
Serao is the 10th defendant to plead guilty in the case.
Prosecutors say that while working in various positions at the company, Serao entered into a conspiracy with several others to submit mortgage loans to his employer for financially unqualified "straw buyers."
The loan requests were based upon false and fraudulent information contained in various documents submitted with the applications made to Wells Fargo and other mortgage lenders.
Once the loans were approved and the mortgage lenders sent the loan proceeds in connection with the real estate closing on the properties, Serao's conspirators took a portion of the proceeds from the fraudulent mortgage loans.
Serao profited from his role in the conspiracy by increased commissions on the mortgage funds, prosecutors said.
Published: Tue, Mar 18, 2014
headlines Oakland County
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- Judge is accused of using racial slur, vulgar terms and ‘libtard’ label for employee offended by his comments
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Colorado Supreme Court considers whether habeas petition can free zoo elephants
- 4th Circuit upholds $1M sanction for law firm that tried to ‘sabotage’ federal court’s authority
- Don’t give money to law schools unless they teach originalism, conservative federal appeals judge says
- Average BigLaw partner compensation increased 26% in 2 years, reaching this high-water mark