Did former NFL star Irving Fryar and his mother conspire to defraud banks and a mortgage company of more than $1 million? Or were they the victims of a “con man” who was sent to federal prison for his role in the case?
Based on opening arguments Wednesday at the Burlington County Courthouse in Mount Holly, that is what jurors will consider during the trial, which is expected to last a few weeks.
Two men suspected of running a scam in which they took over and rented out abandoned properties are behind bars Wednesday after prosecutors lobbied a judge to raise their bonds, the Sun-Times is reporting.
Chicagoans Torrez Moore and David Farr were released on their own recognizance, with home monitoring, July 1 after allegedly living in and renting out over two dozen foreclosed homes in a scheme Cook County State’s Attorney Anita Alvarez described as “disturbing” and “bold and brazen.”
When ex-Eagle Irving Fryar needed money in 2008 and 2009, a financial adviser now serving time in federal prison told him about a scheme they could use to defraud banks, New Jersey Deputy Attorney General John Nicodemo said in opening arguments at Fryar’s trial in Mount Holly on Wednesday.
By applying for multiple mortgage loans in quick succession, and using one property as collateral, the two men could obtain money that banks normally would not approve, Nicodemo told the jurors. “One bank will never know about the others, and you get a whole bunch of money using one property for all of the loans,” he said.
A Danville businessman who had worked to renovate dilapidated Antioch buildings pleaded guilty to two conspiracy charges as part of a plea agreement with the U.S. Attorney’s office, court records show.
Anthony Keslinke, 47, was arrested in February 2014 and ultimately charged with 12 counts of fraud, money laundering, and conspiracy, all stemming from a period between February 2011 and March 2014, during which time prosecutors say Keslinke falsified documents to “short sell” his own East Bay properties at a profit, and accepted a total of $550,000 from an undercover federal agent posing as a drug dealer, court records show.
… The Wax House investigation began in 2007 and became one of the largest in the country, involving over $100 million in mortgage loans. Once investigators started looking at bank documents (nearly 1,000,000 pages were eventually part of the evidence in multiple cases) and talking to people, they did not find a structured criminal enterprise but instead a connected web of fraud among numerous disinterested parties.
Two brothers who worked as mortgage loan officers were sentenced today to 2 1/2 years in prison for taking part in a scheme to scam banks and lending companies by falsely inflating the prices of over a dozen waterfront condominiums in Long Beach.
Isaac and Israel Soussana were also ordered by U.S. District Judge Philip S. Gutierrez to pay restitution of about $4.8 million, according to the U.S. Attorney’s Office.
The trial for a woman who was allegedly involved in a $3 million real estate scheme is on hold after the judge halted proceedings for the day Monday.
Jennifer Ann McTigue is accused of defrauding new homeowners, title companies and banks in a complex investment scheme.