Man admits role in $40.8M mortgage loan fraud - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

Man admits role in $40.8M mortgage loan fraud

Posted: Updated:
New Jersey News New Jersey News

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 This material may not be published, broadcast, rewritten or redistributed.

  • New Jersey NewsNew Jersey NewsMore>>

  • Missing NJ man found dead in Israeli forest

    Missing NJ man found dead in Israeli forest

    Thursday, August 28 2014 4:33 PM EDT2014-08-28 20:33:49 GMT
    The body of a missing New Jersey religious student who disappeared during a hike in a forest outside Jerusalem last week has been found. Aaron Sofer, 23, of Lakewood, N.J., had been missing since Friday, when he went on a hike with a friend in the Jerusalem Forest and the two became separated, said police spokesman Micky Rosenfeld.
    The body of a missing New Jersey religious student who disappeared during a hike in a forest outside Jerusalem last week has been found. Aaron Sofer, 23, of Lakewood, N.J., had been missing since Friday, when he went on a hike with a friend in the Jerusalem Forest and the two became separated, said police spokesman Micky Rosenfeld.
  • Bergen County sheriff delays deployment of military vehicles

    Bergen County sheriff delays deployment of military vehicles

    Thursday, August 28 2014 3:22 PM EDT2014-08-28 19:22:51 GMT
    A northern New Jersey sheriff has delayed deployment of armored vehicles that are being acquired through a federal military surplus program. In a statement, Bergen County Sheriff Michael Saudino announced Thursday he is taking the action after the U.S. attorney general and state attorney general decided to review the program in the wake of police response to civil unrest that followed a police shooting in Ferguson, Missouri.
    A northern New Jersey sheriff has delayed deployment of armored vehicles that are being acquired through a federal military surplus program. In a statement, Bergen County Sheriff Michael Saudino announced Thursday he is taking the action after the U.S. attorney general and state attorney general decided to review the program in the wake of police response to civil unrest that followed a police shooting in Ferguson, Missouri.
  • Dangerous rip currents at NJ, NY beaches

    Dangerous rip currents at NJ, NY beaches

    Thursday, August 28 2014 1:42 PM EDT2014-08-28 17:42:49 GMT
    The rip current risk remains high along the New Jersey and New York coastlines. Some beaches were open to the public but closed to swimmers. The National Weather Service issued a High Surf Advisory and Rip Current Statement for the area beaches because of the effects of Hurricane Cristobal, which is expected to track south and east of the Jersey shore through Thursday.
    The rip current risk remains high along the New Jersey and New York coastlines. Some beaches were open to the public but closed to swimmers. The National Weather Service issued a High Surf Advisory and Rip Current Statement for the area beaches because of the effects of Hurricane Cristobal, which is expected to track south and east of the Jersey shore through Thursday.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices