Philadelphia Federal prosecutors initiated a criminal indictment and filed a civil complaint Tuesday against a local Pennsylvania mortgage broker, three of his colleagues and his two Philadelphia real estate companies, accusing them of committing a Morgage Broker fraud scheme involving more than $30 million dollars in loans.
The indictment alleges Morgage Broker Anthony J. DeMarco III, 31, of Conshohocken and his two companies, Philadelphia-based real estate investment firm DeMarco REI and King of Prussia, Pa.-based OPM Group, used fraudulent documents to obtain mortgage loans from lenders and steal the equity in the homes.
The civil complaint seeks a temporary restraining order and preliminary injunction against Morgage Broker DeMarco and also is attempting to forestall foreclosures against the victims. The indictment charges DeMarco; Michael Richard Roberts, 29, of Swedesboro, N.J.; Sean Ryan McBride, 36, of Pittsburgh; and Eric Bascove, 37, of Philadelphia, with conspiracy. It charges DeMarco, Roberts, and McBride with mail, wire, and bank fraud, and charges DeMarco with money laundering. DeMarco and Roberts were arrested this morning and arraigned in federal court.
A spokeswoman for the U.S. Attorney’s Office for the Eastern District of Pennsylvania said no lawyer had yet been appointed to represent the defendants. Morgage Broker DeMarco could not be immediately reached for comment.
DeMarco REI employed Roberts and Bascove. Prosecutors said DeMarco’s business claimed to be able to assist homeowners facing imminent foreclosure. McBride ...
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Getting a mortgage is surely the biggest matter of concern for almost everyone who is deciding to purchase a home. Every body now a days are ready to give money but before taking any help we must have to read all the terms & condition of that company, So that we have to face these fraud cases.
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