Contact Us
Make My Homepage

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.

Brand X Pictures, Getty Images

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.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and 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 points, 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 with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, 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.

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!