Newark Cop Convicted in Mortgage Fraud
A Newark police officer has been convicted of bribing a bank employee to get a $1.9 million commercial loan.
A federal jury in Camden returned a guilty verdict Thursday against Victor Patela following a one-week trial.
Patela was convicted of bank fraud, loan application fraud, bank bribery and conspiracy. Each count carries a maximum penalty of 30 years in prison and a $1 million fine. No sentencing date has been scheduled.
Prosecutors contend Patela paid more than $40,000 in bribes to an employee of Spencer Savings Bank in Elmwood Park. Patela's loan for his realty company was approved even though he falsely reported his net worth.
(Copyright 2012 by The Associated Press. All Rights Reserved.)