One New Jersey real estate developer and one New Jersey attorney have guilty to collaborating to arrange a mortgage fraud scam that cost more than $3.5 million.
Details
Victor Santos (a.k.a. Vitor Santos), 63, of Watchung, and Fausto Simoes, 69, of Millington, pled guilty to count one of an indictment charging them with conspiracy to commit bank fraud.
On Wednesday, the defendants appeared in federal court in Trenton to enter their pleas before U.S. District Judge Michael A. Shipp.
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U.S. Attorney Philip Sellinger claims that Simoes closed ten of the fraudulent transactions and contributed to the fraud by falsely reporting that the straw buyers were providing the cash needed at closing when, in fact, Simoes received those funds from a shell company controlled by Santos and another conspirator.
Simoes concealed from the lender that a large portion of the loan proceeds was going to a shell business owned by Santos and another conspirator in multiple different transactions.
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Heavy Penalties May Be Imposed
Penalties for a bank fraud conspiracy can reach 30 years in jail and a fine of $1 million.
The first court date for Santos is set for April 12th, with Simoes’s set for the 13th.
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Two further conspirators have already pled guilty and are waiting for their sentences to be determined.
