Man admits role in $40.8M mortgage loan fraud - FOX 35 News Orlando

Man admits role in $40.8M mortgage loan fraud

Posted: Updated:
New Jersey News New Jersey News

CAMDEN, N.J. (AP) - Federal prosecutors say a southern New Jersey has admitted his role in a $40.8 million mortgage fraud conspiracy.

Robert Serao faces up to 30 years in prison and a $1 million fine when he's sentenced June 24.

The 48-year-old Berkeley Township resident pleaded guilty Friday to conspiracy to commit wire fraud. Serao admitted using his position as a loan officer of Wells Fargo Home Mortgage to get the company to release more than $4.6 million based on fraudulent mortgage loan applications.

Prosecutors say that while working in various positions at the company, Serao entered into a conspiracy with several others to submit mortgage loans to his employer for financially unqualified "straw buyers."

Serao profited by receiving increased commissions on the mortgage funds.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • New Jersey NewsNew Jersey NewsMore>>

  • NJ requires students to get CPR lessons

    NJ requires students to get CPR lessons

    Wednesday, August 20 2014 1:52 PM EDT2014-08-20 17:52:46 GMT
    New Jersey high school students will be required to have CPR training starting this year. Lt. Gov. Kim Guadagno signed a law Wednesday requiring the lesson for all public and charter school students in ninth through 12th grades. Guadagno is serving as acting governor with Gov. Chris Christie out of the state. It takes effect in the coming school year.
    New Jersey high school students will be required to have CPR training starting this year. Lt. Gov. Kim Guadagno signed a law Wednesday requiring the lesson for all public and charter school students in ninth through 12th grades. Guadagno is serving as acting governor with Gov. Chris Christie out of the state. It takes effect in the coming school year.

  • Prayer service for Atlantic City casinos

    Prayer service for Atlantic City casinos

    Wednesday, August 20 2014 12:28 PM EDT2014-08-20 16:28:08 GMT
    Hundreds of workers who will lose their jobs at three Atlantic City casinos scheduled to close in the next few weeks are looking for some divine intervention. Employees of Revel, the Showboat and Trump Plaza will hold a rally Wednesday night followed by a prayer service at a nearby church.
    Hundreds of workers who will lose their jobs at three Atlantic City casinos scheduled to close in the next few weeks are looking for some divine intervention. Employees of Revel, the Showboat and Trump Plaza will hold a rally Wednesday night followed by a prayer service at a nearby church.
  • Petition urges Point Pleasant council to make streets bike, pedestrian friendly

    Petition urges Point Pleasant council to make streets bike, pedestrian friendly

    Wednesday, August 20 2014 12:00 PM EDT2014-08-20 16:00:45 GMT
    A Point Pleasant resident frustrated with what he sees as slow action on the part of the Borough Council on making the town safer for pedestrians and bicyclists has started a petition urging the council to act. The petition, posted on change.org, said that while the council passed a Complete Streets ordinance last year and commissioned a report, little of substance has been done, Hagemeyer says. The council meets tonight at 7 at the municipal building.
    A Point Pleasant resident frustrated with what he sees as slow action on the part of the Borough Council on making the town safer for pedestrians and bicyclists has started a petition urging the council to act. The petition, posted on change.org, said that while the council passed a Complete Streets ordinance last year and commissioned a report, little of substance has been done, Hagemeyer says. The council meets tonight at 7 at the municipal building.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices