Contact Us
Make My Homepage

Loan Officer Admits Role in Mortgage Fraud Scheme

A central New Jersey man has admitted his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses.

Conservative Help to Buy Mortgage Scheme Is Brought Forward
Matt Cardy, Getty Images

Federal prosecutors say 71-year-old Delio Coutinho of Colonia pleaded guilty Tuesday to conspiracy to commit wire fraud. He now faces up to 30 years in prison when he’s sentenced.

The fraud occurred from March 2008 through June 2012.

The defendants conspired with themselves and others to release liens on encumbered properties via fraudulently arranged short sale transactions. This allowed them to profit from new fraudulent mortgage loans obtained on the properties from other mortgage lenders.

To complete the sales, the defendants submitted false closing and other documents to mortgage lenders.

Prosecutors say Coutinho was a loan officer at a north Jersey mortgage brokerage company who submitted false documents.

 

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 This material may not be published, broadcast, rewritten or redistributed.)

Best of NJ 101.5

Recommended For You

Around the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://nj1015.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a member? Sign up here

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.