CAMDEN, N.J. -- Federal prosecutors say a southern New Jersey has admitted his role in a $40.8 million mortgage fraud conspiracy.
Robert Serao faces up to 30 years in prison and a $1 million fine when he's sentenced June 24.
The 48-year-old Berkeley Township resident pleaded guilty Friday to conspiracy to commit wire fraud. Serao admitted using his position as a loan officer of Wells Fargo Home Mortgage to get the company to release more than $4.6 million based on fraudulent mortgage loan applications.
Prosecutors say that while working in various positions at the company, Serao entered into a conspiracy with several others to submit mortgage loans to his employer for financially unqualified "straw buyers."
Serao profited by receiving increased commissions on the mortgage funds.
No comments:
Post a Comment