Pierre Chainey, 42, Tabernacle, New Jersey, was sentenced to 54 months in prison for his role in a mortgage fraud scheme that caused $2.7 million in losses. Chainey previously pleaded guilty before U.S. District Judge Noel L. Hillman to one count of conspiracy to commit wire fraud and one count of money laundering. Judge Hillman imposed the sentence on July 7, 2017, in Camden federal court.
According to documents filed in this case and statements made in court:
In November 2005, Chainey established Universal Lending Solutions LLC, a mortgage brokerage company in Northfield, New Jersey, and served as chief executive office of the company until 2008. He was also a loan officer for the company.
From November 2005 through at least January 2008, he conspired with others to profit from the sale and purchase of properties in New Jersey by obtaining mortgage loans for unqualified borrowers using fraudulent loan applications, HUD-1 Settlement Statements and other documents.
In addition to the prison term, Judge Hillman sentenced Chainey to three years of supervised release; restitution will be determined at a later date.
Acting U.S. Attorney William E. Fitzpatrick announced the sentence and credited special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher, and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jonathan D. Larsen with the investigation leading to today’s sentencing.
The government is represented by Senior Litigation Counsel Jason M. Richardson of the U.S. Attorney’s Office Criminal Division in Newark.