Man Admits to Mortgage Fraud Involving New Jersey Condo Sales

Money often causes people to do dishonest things. Many people turn to fraud to get money quickly. A 41-year-old man has pleaded guilty to several charges after attempting to make illegal profits on condos in New Jersey.

The man was one of 11 people charged with conspiracy to launder money and commit fraud. He also faces an attempted murder charge after contacting someone to kill a witness. The witness was shot several times but did not die. Altogether, the charges carry potential punishments of 70 years in jail and fines of $1.5 million.

The scheme resulted in stolen money totaling $15 million. It involved using straw buyers — people who would purchase the condos on behalf of someone else — and inflating the purchase price of the condos to ensure large profits. The conspirators would look for buyers who had good credit scores and then falsify bank statements and payroll stubs to encourage lenders to extend the loans to the buyers.

Even though these seem like serious charges, there are several defenses that could be used. For example, there might be insufficient evidence that the man committed these crimes. Because there were 10 other people involved, any of them could have, for example, initiated the murder attempt, unless the man admitted to it himself.

New Jersey criminal attorneys work vigorously to protect the rights of their clients as their cases proceed through the legal system. Everyone who is charged with a crime has a right to a fair and impartial trial, as well as the right to appeal an unfavorable verdict.

Related Posts
  • Defendant’s Mental State and Their Responsibility for a Crime Read More
  • What Is an Arrest? Read More
  • Odd Aggravated Behavior in Morristown Leads to Hospitalization Read More