Shawn Brennan, 41, a Freehold, New Jersey mortgage broker, was sentenced to 12 months of home confinement as part of a five-year term of probation for his guilty plea to a charge of bank fraud for submitting fraudulent documents in support of a $367,500 residential mortgage loan application. U.S. District Judge Joel A. Pisano also ordered Brennan to pay $214,000 in restitution.
On April 3, 2008, Brennan made his first appearance in federal court and pleaded guilty before Judge Pisano to a one-count Information.
At his plea hearing, Brennan stated that in February 2006 he was employed as mortgage broker with Market Yard Mortgage, Freehold, New Jersey, and, as such, his duties included preparing and submitting loan applications and supporting documents for clients seeking mortgage loans.
Brennan admitted during that time, he assisted clients, who are identified in the Information only as “M.D.” and “G.D.,” in applying for a mortgage loan to fund the purchase of a new home. Brennan admitted that the Uniform Residential Loan Application and supporting documentation that he prepared and submitted on behalf of M.D. and G.D. to potential lenders contained false information about M.D. and G.D.
Brennan admitted that the false information included representations that M.D. was employed by the “Brando Construction Company” for a period of over four years. Brennan admitted that he also submitted a false and fraudulent W-2 form indicating that M.D. had earned $86,400 from the company in 2005, when in fact, he knew there was no such company. Brennan admitted that he submitted the false loan application and W-2 with the intent to defraud the bank issuing a loan to M.D. and G.D.
U.S. Bank, whose deposits are insured by the Federal Deposit Insurance Corporation, ultimately issued a $367,500 loan to M.D. and G.D.
In determining the actual sentence, Judge Pisano consulted the advisory U.S. Sentencing Guidelines, which provide appropriate sentencing ranges that take into account the severity and characteristics of the offense, the defendant’s criminal history, if any, and other factors. The judge, however, is not bound by those guidelines in determining a sentence.
U.S. Attorney Christopher J. Christie credited Special Agents with the FBI, under the direction of Special Agent in Charge Weysan Dun in Newark, with the investigation leading to the guilty plea.
The government is represented by Assistant U.S. Attorney Thomas J. Eicher, Attorney-in-Charge of the Criminal Division in Trenton.