Wednesday, April 17, 2002
PERTH AMBOY CON MAN CHARGED WITH $500,000 REAL ESTATE FRAUD
The New Jersey Division of Criminal Justice announced the unsealing of an indictment which charges a former Middlesex County resident with masterminding and operating a wide-ranging and profitable real estate fraud scheme in northern New Jersey that netted over $500,000 in illegal gains.
According to Peter C. Harvey, First Assistant Attorney General and Director of the Division of Criminal Justice, the Financial Crimes and Anti-Trust Bureau of the Division of Criminal Justice secured a State Grand Jury indictment against Yanko Amendola, 29, of 774 Barry Ave. (last known address), Perth Amboy, Middlesex County in mid-March. The indictment, which charged Amendola with money laundering, criminal conspiracy, theft by deception and identity theft, was sealed until March 27 as State Investigators from the Division of Criminal Justice endeavored to locate and arrest Amendola.
Amendola remains a fugitive from justice and has been placed on the Division of Criminal Justices’ Most Wanted Fugitive List. Authorities believe that Amendola may be armed and dangerous. Anyone with information on the whereabouts of Yanko Amendola is encouraged to contact State Investigator Raymond Gardner of the New Jersey Division of Criminal Justice at (609) 984-6500.
The indictment alleges that Amendola, a former mortgage broker who was previously indicted by the Division of Criminal Justice in 2001, orchestrated a real estate fraud scheme designed to obtain funds from mortgage companies. The investigation uncovered six fraudulent real estate transactions involving three separate properties in which it is alleged that Amendola arranged the purchase and sale of the properties for his own personal profit.
The properties include:
• 212 Mount Vernon Ave., Orange, Essex County, New Jersey. The Division of Criminal Justice allege that the Vernon Avenue property was initially acquired by a company controlled by Amendola. The property was then sold twice to an impersonator using a stolen identity. Amendola arranged for two mortgages to be obtained by the imposter excess of $100,000 as a result of each transaction.
• 4 Greenwood Lake Street, Newark, Essex County, New Jersey. It is alleged that this property was sold by Amendola to an imposter who acquired an $88,000 mortgage. The property was then reacquired by Amendola from the imposter for $1 and immediately resold to a third party who obtained a $95,000 mortgage. It is alleged that Amendola retained the mortgage monies from both fraudulent sales.
• 88 Ridge Ave., West Orange, Essex County, New Jersey. It is alleged that this property was sold twice to an imposter who obtained two mortgages - $198,000 and $165,000 respectively. On both occasions, it is alleged that the bulk of the mortgage monies were used to pay off a bogus mortgage purportedly held by Amendola, who ultimately kept the funds.
The five-count indictment charges money laundering (first degree) punishable by 10-20 years imprisonment, a $500,000 fine and an additional anti-money laundering profiteering penalty of up to $500,000 or three times the value of the property involved; conspiracy (second degree) punishable by 5-10 years imprisonment and a $150,000 fine; theft by deception (second degree) punishable by 5-10 years and a fine of $150,000 and two counts of identity theft (second degree) punishable by a term of 5-10 years and a fine of up to $150,000 per count.
Amendola had previously been indicted by the Division of Criminal Justice on April 16, 2001, on charges that he and three other co-conspirators had fraudulently bought and sold two real estate properties then hid the proceeds through a money laundering scheme. That indictment estimated the two properties to be valued in excess of half-a-million dollars.
The 2001 indictment alleged that Amendola and his co-conspirators participated in an real estate scam between June 1998 and September 1999 in which the defendants attempted to buy and/or sell properties in North Caldwell and West Caldwell in Essex County multiple times. Amendola was indicted on first and second-degree charges of conspiracy and faces a maximum of 10 years in prison and a $100,000 fine.
The investigation was led by State Investigator Raymond Gardner of the Division of Criminal Justice’s Financial Investigations Unit and was presented to the State Grand Jury by Deputy Attorney General Eric M. Schweiker assigned to the Financial Crimes and Antitrust Bureau. The case has been assigned to Somerset County.
An indictment is merely an accusation. The defendant(s) are presumed innocent unless or until proven guilty.
mortgage fraud
Seems Amendola made a lot of use of “straw” men, a common practice of con men in mortgage scams.
--Jack Payne
Posted by on 06/28 at 08:40 PM
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Rachel Dollar is an attorney and Certified Mortgage Banker who handles fraud recovery litigation for lenders and secondary market investors nationwide. She is a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California. 
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