David Connolly, 51, Watchung, New Jersey, pleaded guilty to one count of securities fraud and one count of money laundering, admitting that he defrauded victims of an investment scheme by misusing their capital contributions and misrepresenting the performance of their investments.
Continue Reading...Archives For November 30, 1999
James Cockinos, 58, Englewood Cliffs, a former mortgage broker and bank officer from Bergen County, New Jersey was arrested for allegedly conspiring to commit bank fraud to secure a $1.5 million residential loan.
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Eric Reilly, 34, Galloway, New Jersey, a former employee of The Vacation Ownership Group LLC, admitted to conspiring to defraud owners of timeshare properties.
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Fredric M. Diantonio, 40, Wildwood, New Jersey; Louis V. Catarro, 60, Runnemede, New Jersey; Kathryn W. Lockwood, 43, Wildwood Crest, New Jersey; and Thomas E. Morello, 55, Mt. Laurel, New Jersey, were taken into custody for their alleged roles in a $15 million mortgage fraud scheme.
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Nine people involved in a long-running, large-scale mortgage fraud scheme that caused losses of approximately $10 million were charged in two complaints with conspiracy to commit bank fraud.
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10 individuals have been indicted on 44-counts for their alleged roles in a mail and wire fraud conspiracy involving timeshare mortgages.
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Michael Rumore, 54, Lyndhurst, New Jersey, an attorney formerly licensed in New Jersey, was arrested in connection with a long-running, large-scale mortgage fraud scheme that caused losses of more than $30 million.
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Joann Smith, and her boyfriend, Wayne Betha, Ewing, New Jersey, who ran a real estate firm, were sentenced for stealing from home sellers by diverting proceeds from home sales, and also defrauding mortgage companies by falsifying the earnings of loan applicants.
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Frederick “Freddie” Grippo, 32, Old Bridge, N.J., admitted his part in a phony foreclosure rescue scheme that was part of a $4.4 million mortgage fraud.
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Crystal Paling, 52, Sussex, New Jersey, was sentenced to 37 months in prison for her role in a wire fraud and money laundering scheme involving phony mortgages issued for properties in New Jersey and Florida.
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