Martin Sacci, 65, South Plainfield, New Jersey, was charged with making false statements and representations in connection with a Federal Housing Administration (FHA) insured mortgage with intent to defraud the Department of Housing and Urban Development.
According to the criminal Information, the defendant was charged for his role in failing to disclose the existence of a second loan made to a borrower in an FHA-insured mortgage for a property located in Monroe County, Pennsylvania. Sacci pleaded guilty to the charges.
The charge against Sacci stems from an investigation by the Office of Inspector General of the Department of Housing and Urban Development (HUD).
United States Attorney for the Middle District of Pennsylvania, Peter J. Smith, announced the charges.
The case is being prosecuted by Assistant U.S. Attorney Francis P. Sempa.
A sentence following a finding of guilty is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.
In this case, the maximum penalty under the federal statute is one year imprisonment, a term of supervised release following imprisonment, and a fine of up to $100,000. Under the Federal Sentencing Guidelines, the Judge is also required to consider and weigh a number of factors, including the nature, circumstances and seriousness of the offense; the history and characteristics of the defendant; and the need to punish the defendant, protect the public and provide for the defendant’s educational, vocational and medical needs. For these reasons, the statutory maximum penalty for the offense is not an accurate indicator of the potential sentence for a specific defendant.