Archives For New Jersey

Kenneth Sweetman, 34, Nutley, New Jersey, was sentenced to 24 months in prison for his role in a massive mortgage fraud scheme involving multiple properties in Elizabeth, New Jersey.  Sweetman previously pleaded guilty before U.S. District Judge Susan D. Wigenton to an information charging him with one count of conspiring to commit wire fraud affecting a financial institution.

According to documents filed in the case and statements made in court: Continue Reading…

Opening arguments completed in trial of Fryar, mom

Did former NFL star Irving Fryar and his mother conspire to defraud banks and a mortgage company of more than $1 million? Or were they the victims of a “con man” who was sent to federal prison for his role in the case?

Based on opening arguments Wednesday at the Burlington County Courthouse in Mount Holly, that is what jurors will consider during the trial, which is expected to last a few weeks.

 

Prosecutor lays out Irving Fryar’s alleged scam

When ex-Eagle Irving Fryar needed money in 2008 and 2009, a financial adviser now serving time in federal prison told him about a scheme they could use to defraud banks, New Jersey Deputy Attorney General John Nicodemo said in opening arguments at Fryar’s trial in Mount Holly on Wednesday.

By applying for multiple mortgage loans in quick succession, and using one property as collateral, the two men could obtain money that banks normally would not approve, Nicodemo told the jurors. “One bank will never know about the others, and you get a whole bunch of money using one property for all of the loans,” he said.

Adam Lacerda, 31, Egg Harbor Township, New Jersey, was sentenced to 324 months in prison for his role in a $3 million conspiracy to scam customers by offering phony consulting services to owners of timeshares through the New Jersey-based Vacation Ownership Group LLC. Lacerda was convicted in September 2013 of one count of conspiracy to commit mail and wire fraud, nine counts of mail fraud and three counts of wire fraud flowing a seven-week trial before U.S. District Judge Noel L. Hillman in Camden, New Jersey federal court.

According to documents filed in this case and the evidence presented at trial: Continue Reading…

Randy Poulson, 44, Woolwich Township, New Jersey admitted scamming distressed homeowners into giving him their houses and then soliciting fake real estate investments from private investors – secured by those same properties – that netted him more than $3 million in illicit profits.  He pled guilty to Count One of an indictment charging him with mail fraud.

According to documents filed in the case and statements made in court: Continue Reading…

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.

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Daniel Cardillo, 51, Wildwood, New Jersey, admitted defrauding a financial institution as part of a mortgage fraud scam that used phony documents and straw buyers to make illegal profits on over-developed condominiums.

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Dwayne Onque, 47, Belleville, New Jersey,  Mashon Onque, 44, East Orange, New Jersey, and Nancy Wolf-Fels, 58, Toms River, New Jersey,  were sentenced for their respective roles in conspiring to defraud financial institutions as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.

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Timothy Ricks, 47, East Orange, New Jersey, was sentenced to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.

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Ania Nowak, 48, Belvidere, New Jersey, a former real estate title agent was sentenced to 66 months in prison for carrying out a mortgage fraud scheme in which she obtained seven loans, totaling more than $3.7 million, on two properties located in Wood-Ridge, New Jersey and Belvidere, New Jersey.

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