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 This material may not be published, broadcast, rewritten or redistributed.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>>

  • Recipes from 'Indulge'

    Kathy Wakile's indulgent desserts

    Kathy Wakile's indulgent desserts

    Friday, August 29 2014 7:38 PM EDT2014-08-29 23:38:21 GMT
    Kathy Wakile from "The Real Housewives of New Jersey" (Bravo) has written a dessert cookbook called "Indulge" (St. Martin's Griffin), which drops Tuesday, September 2. She came to the set to make Strawberry Shortcake Puffs, Chocolate Tiramisu, and Pumpkin Spice Babycakes.
    Kathy Wakile from "The Real Housewives of New Jersey" (Bravo) has written a dessert cookbook called "Indulge" (St. Martin's Griffin), which drops Tuesday, September 2. She came to the set to make Strawberry Shortcake Puffs, Chocolate Tiramisu, and Pumpkin Spice Babycakes.
  • Some Showboat workers get new jobs within company

    Some Showboat workers get new jobs within company

    Friday, August 29 2014 2:54 PM EDT2014-08-29 18:54:36 GMT
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
  • NJ girl accidentally kills gun instructor

    NJ girl accidentally kills gun instructor

    Friday, August 29 2014 1:24 PM EDT2014-08-29 17:24:19 GMT
    A 9-year-old girl from New Jersey accidentally killed an Arizona shooting instructor as he was showing her how to use a fully automatic Uzi. Charles Vacca, 39, was standing next to the girl at the Last Stop outdoor shooting range when she pulled the trigger and the recoil sent the gun over her head, investigators said.
    A 9-year-old girl from New Jersey accidentally killed an Arizona shooting instructor as he was showing her how to use a fully automatic Uzi. Charles Vacca, 39, was standing next to the girl at the Last Stop outdoor shooting range when she pulled the trigger and the recoil sent the gun over her head, investigators said.
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