Mother & Son Convicted in Mortgage Fraud Scam

admin —  April 29, 2010 — 12 Comments

John Pereless, 42, Colts Neck, New Jersey, has been convicted of one count of second degree Conspiracy to Commit Theft by Deception, eight counts of second degree Theft by Deception, eight counts of fourth degree Securing Execution of Documents by Deception and eight counts of fourth degree Falsifying Records. The jury also returned a guilty verdict against John Pereless’ mother, Susan Pereless, on one count of second degree Conspiracy to Commit Theft by Deception, seven counts of Theft by Deception, seven counts of fourth degree Securing Execution of Documents by Deception and seven counts of fourth degree Falsifying Records.

An investigation which was conducted by the Monmouth County Prosecutor’s Office revealed that the Perelesses participated in a conspiracy to file fraudulent mortgage applications in connection with eight different properties. Seven of the properties are in Monmouth County, New Jersey, and one is in Florida. All of the properties are now in foreclosure.

In addition to filing fraudulent applications which greatly exaggerated the financial position of the applicants, the values of the properties were inflated, fraudulent construction liens were financed and excessive fees were charged. Funds from the closings were funneled into various shell corporations.

All of the mortgages were processed through a Colts Neck, New Jersey based mortgage broker, Rate Cast. Rate Cast is no longer in business. Seven separate financial institutions were defrauded of over $4.8 million through this scheme. They include: ACT Lending, LoanCity Inc., Green Point Mortgage, Option One Mortgage, Countrywide Home Loan, INDY Mac and New Century Mortgage.

Monmouth County Prosecutor Luis A. Valentin stated, “The Perlesses fraudulently manipulated the lending practices of the sub-prime mortgage industry in the hopes of turning a quick illegal profit. However, their efforts were thwarted when their complex illicit scheme was discovered.”

The maximum potential custodial sentence for a second degree crime is a 10 year State Prison term. The maximum potential custodial sentence for a fourth degree crime is an 18 month term.

The Perelesses remain free on bail, secured by real property, pending sentencing which is scheduled for July 15, 2010. Bail was originally set at $750,000 for John Pereless and at $500,000 for Susan Pereless by Monmouth County Superior Court Judge Edward M. Neafsey. A condition of bail for each was that they surrender their passports to the Court. That condition was met previously.

The case is assigned to Assistant Monmouth County Prosecutor Thomas F. Fichter. John Pereless is represented by Michael Pappa, Esquire, of Hazlet, New Jersey Susan Pereless is represented by Cathy Waldor, Esquire, of Manasquan, New Jersey.

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12 responses to Mother & Son Convicted in Mortgage Fraud Scam

  1. You’re right Steve, I too find this information fake. This article should be removed!

    Ted

  2. John messed things up but thank god I was able to fix everything and take the rest of the money.

  3. To answer your question…I have 4 neighbors who have been foreclosed and lost their homes. At least some part of their tragedy came be pinned on these people, i.e., the mortgage/housing crisis that this country is going through with the help of the Perelesses. Criminals like this have exploited this situation and deepened the crisis. And before we lament the very real misery that these people have visited upon their own children and grandchildren…lets not forget the travails of my neighbors and their kids…

  4. I am not saying that what he did or didnt do was right, but did it ever occur to you that not only does he have children but brothers, sisters, nieces, nephews, etc? Is it absolutely necessary to write such disgusting things that a child could read if they were so inclined? Shame on you for saying such disgusting things. Maybe he did do something wrong, I dont know all the facts, but I do know his children personally and they are bright, sweet and well raised children.

  5. Word on the street is that it seems that John was able to get over on the courts one more time; he managed to have another surgery just in time for Christmas…… Colts Neck is still blessed with one of it’s finer citizens. So, wonder what he’ll come up with next to delay his entrance into the big house? He is a crafty one.

  6. Piper Longstocking December 10, 2010 at 8:45 pm

    Any update on the sentencing of Mr. John Pereless?

  7. Wow, What is it going to take for justice to be served? We don’t need or want people like this in our community. What is it going to take to get this piece of garbage behind bars where he belongs? While we are waiting for him to be sentenced, what other kind of trouble is he getting into? C’mon, already!!!!!!

  8. any one know what JOHN JERK-OFF PERELESS

  9. Furthermore, Tom, John, whoever you are writing this, you should be ashamed of yourself for writing these awful disgusting things. It just shows what kind of person you are. Real Classy!

  10. NJBOY Who are you? I mean honestly is your life that pathetic that all you do is sit and blog about my family? Get a life. You sound like a pathetic loser. I mean who sends their wife to scope out the sentencing. Real manly!!

  11. This is sad, sad for his family.

  12. John, you scumbag, took your own mother down with you. Take the easy way out you coward. Finally got what you deserve, go cry on someone elses shoulder.

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