Commit short-sale fraud; you wind up in jail

Father and son sentenced in fraudulent short sale scheme

 Real estate investing is one way to make money.  Sometimes, though, you wind up in jail.  Per the US Department of Justice:

A father and son from Bergen County, New Jersey, were sentenced today to 27 months in prison and eight months of home detention, respectively, for their roles in a scheme to use straw buyers and short sales on properties to defraud mortgage lenders out of hundreds of thousands of dollars and to avoid paying taxes on the proceeds of the scheme, U.S. Attorney Craig Carpenito announced.

George Bussanich Sr., 60, of Park Ridge, New Jersey, was sentenced to 27 months in prison. He previously pleaded guilty before U.S. District Judge Claire C. Cecchi to a superseding information charging him with one count of bank fraud conspiracy and one count of tax evasion. His son, George Bussanich Jr., 39, of Upper Saddle River, New Jersey, was sentenced to eight months of home detention. He previously pleaded guilty to tax evasion. Judge Cecchi imposed both sentences today in Newark federal court.

Apparently, these two were not content with the normal practice of buying low and selling high.  Instead, they rigged the low side of the transaction and the subsequent sales.

Read the full report here. 

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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When it comes to selling your home, know whom you are dealing with

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

Real estate crook gets caught!

Hudson County Man Charged In Multimillion-Dollar Mortgage Fraud Scheme

It always amazes us how far people can sink when they try to make a buck. The Department of Justice has released information about one criminal got caught bilking banks out of mortgage money.

According to the press release:

"A Hudson County, New Jersey, man has been indicted for his role in running a large-scale mortgage fraud scheme that involved properties in Jersey City, Union, and elsewhere in New Jersey and caused losses of millions of dollars, U.S. Attorney Craig Carpenito announced today.

"Anthony Garvin, 49, of Jersey City, was charged in a superseding indictment returned June 25, 2019, with one count of bank fraud conspiracy and five counts of bank fraud. Garvin was originally indicted on one count of bank fraud conspiracy and one count of bank fraud on Jan. 11, 2019."

The scheme was to locate distressed sellers and put together short-sales.  Turns out, though that the buyers didn't really qualify for loans, and, guess what, the fraudsters lied!

You can read the full press release here.

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

Sphere: Related Content