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Man admits role in $40.8M mortgage loan fraud

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CAMDEN, N.J. (AP) - 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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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