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