Archives For builder bailout

Paul Wagner, 59, Las Vegas, Nevada, a homebuilder has been sentenced to 14 years in prison, five years of supervised release, and ordered to pay $4.4 million in restitution for selling houses at inflated prices in order to fraudulently obtain mortgage loans.

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Seven people were charged with mail fraud, wire fraud, and making false statements in connection with a mortgage fraud scheme involving the purchase of at least 23 homes.

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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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Five people have been arrested by Federal authorities for their alleged involvement in a builder bailout real estate scheme that fraudulently purchased more than 100 condominium units around the country with mortgages that mostly went into default, resulting in foreclosures and millions of dollars in losses.

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