Man Gets 5 Years for $15M Straw Buyer Scam

Allison Tussey —  June 17, 2015 — Leave a comment

Nicholas Tarsia, Jr., 67, Totowa, New Jersey, was sentenced to 60 months in prison for conspiring to launder money as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.

The defendant previously pleaded guilty before U.S. District Judge Jerome B. Simandle to a superseding information charging him with one count of conspiring to commit money laundering. Judge Simandle imposed the sentence in Camden federal court.

According to the documents filed in this case and statements made in court:

Tarsia was among 13 defendants charged in a series of indictments returned on July 2012 and November 2013 with conspiracy to commit wire fraud and conspiracy to commit money laundering. Tarsia and his conspirator Timothy Ricks, Essex County, New Jersey, caused $15 million in fraudulent mortgage loans to be funded during 2006, 2007, and 2008, to enable unqualified buyers of real estate to purchase real estate properties.

Once the funds for these mortgages were deposited into a title company’s escrow account, Tarsia extracted proceeds from the fraud through wire transfers and checks to himself and his conspirators. Tarsia and conspirator Ricks, in turn, transmitted a portion of those proceeds to other conspirators, including Dwayne Onque and Orlando Allen. In addition, conspirator Darryl Henry, in turn, transmitted a portion of those proceeds to conspirators Kinard J. Henson and Willie W. Richardson.

In addition to the prison term, Judge Simandle sentenced Tarsia to serve three years of supervised release. Restitution will be determined at a hearing scheduled for July 9, 2015.

U.S. Attorney Paul J. Fishman announced the sentence.

U.S. Attorney Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Richard M. Frankel in Newark; and IRS–Criminal Investigation, under the direction of Special Agent in Charge Jonathan D. Larsen, in Newark, for their roles in the investigation.

The government is represented by Assistant U.S. Attorneys Matthew T. Smith and Jacqueline M. Carle of the U.S. Attorney’s Office Criminal Division in Camden.

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Allison Tussey

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