Dentist Indicted in New Jersey Mortgage Scam

From the Mortgage Fraud Blog:

Indictment of Dentist and Former Employee in New Jersey Mortgage Fraud Scheme

A Staten Island, New York, dentist and a former employee were indicted in New Jersey federal court on conspiracy, wire fraud and money laundering charges for operating a scheme to fraudulently obtain $1.36 million in mortgages and spending the proceeds on luxury items including the purchase of a 46-foot yacht, a North Carolina residence and a GMC Yukon Denali.
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The Indictment describes a scheme in which the defendants used fraudulent documents, made false statements, established fictitious companies and opened back accounts in the companies’ names to fraudulently obtain mortgages secured by a property at 412-414 Commerce Lane, West Berlin, New Jersey. (the “Commerce Lane property”).
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The defendants are each charged in Count One of the Indictment, which alleges a conspiracy to commit wire fraud, which carries a statutory maximum penalty of five years in prison and a fine of $250,000 or twice the aggregate loss to the victims or gain to the defendants. Counts Two through Four charge both defendants with wire fraud, which carries a statutory maximum penalty of 30 years in prison and a fine of $1 million. Count five charges the defendants with conspiracy to commit money laundering, which carries a statutory maximum penalty of 10 years in prison and a fine of $250,000. Counts Six through 23 charge both defendants with money laundering, which carries a statutory maximum penalty of 10 years in prison and a fine of $250,000.

Caveat Emptor!
Grim