A Jersey City man has pleaded guilty to playing a role in a mortgage fraud scheme that targeted condominiums in the Wildwood area.

Wildwood condos (Flickr User LancerE)

Steven Schlatmann pleaded guilty Friday in federal court in Camden to one count each of wire fraud conspiracy and money laundering conspiracy.

The 27-year-old Schlatmann admitted conspiring with others in a scheme that used straw buyers to make fraudulent mortgage loans and buy property at inflated prices. Once the loans were approved, Schlatmann and his coconspirators would take a portion of the proceeds. The U.S. attorney's office alleges Schlatmann received about $260,000 for four separate transactions.

Schlatmann faces potential maximum sentences of 30 years on the wire fraud conspiracy count and 10 years on the money laundering conspiracy count.

His sentencing is scheduled for next March.


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