Newark Police Officer Sentenced in Mortgage Fraud
Federal prosecutors say a Newark police officer convicted of bribing a bank employee to get a $1.9 million commercial loan has been sentenced to four years in prison.
Victor Patela also must pay $819,793 in restitution under the sentence imposed Wednesday. And once he's freed from prison, he will have to serve three years of supervised release.
The 37-year-old Newark resident was convicted last July on bank fraud, loan application fraud, bank bribery and conspiracy charges.
Prosecutors say 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.
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