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 ...
Jacksonville mortgage brokers charged in $1.8 million scheme
Federal prosecutors charge that a pair of Jacksonville mortgage brokers masterminded a network of schemes that bilked mortgage loan companies out of more than $1.8 million in 13 phony real estate transactions — 12 of which involved First Coast homes.
Both worked for Access-E Mortgage Inc., but the St. Augustine-based company's website does not list them as working there now.
A grand jury indictment filed in the United States District Court Middle District of Florida Jacksonville division Wednesday, stated that Jacksonville mortgage broker Gregory W. Willson and loan processor Brian Willson were the masterminds of the operation from 2005 to 2007.
The indictment indicates that the matter is being handled by U.S. government prosecutors because funds were mailed and wired across state lines.
Although 16 named individuals took part in varying roles in the complex network — and all are charged in the indictment with conspiracy to defraud — the premise actually was simple, the government filing shows.
Lionel Cox, owner of Jacksonville-based Distressed Property Solutions Inc., would recruit homeowners who were near foreclosure, the indictment said. Co-conspirators would pose as buyers, submitting fraudulent information to mortgage companies to get mortgage loans.
The dummy buyers claimed the homes would be their primary residence, overstate their monthly incomes to qualify for the loans — claiming they worked for Neil Willson, another co-conspirator.
Both worked for Access-E Mortgage Inc., but the St. Augustine-based company's website does not list them as working there now.
A grand jury indictment filed in the United States District Court Middle District of Florida Jacksonville division Wednesday, stated that Jacksonville mortgage broker Gregory W. Willson and loan processor Brian Willson were the masterminds of the operation from 2005 to 2007.
The indictment indicates that the matter is being handled by U.S. government prosecutors because funds were mailed and wired across state lines.
Although 16 named individuals took part in varying roles in the complex network — and all are charged in the indictment with conspiracy to defraud — the premise actually was simple, the government filing shows.
Lionel Cox, owner of Jacksonville-based Distressed Property Solutions Inc., would recruit homeowners who were near foreclosure, the indictment said. Co-conspirators would pose as buyers, submitting fraudulent information to mortgage companies to get mortgage loans.
The dummy buyers claimed the homes would be their primary residence, overstate their monthly incomes to qualify for the loans — claiming they worked for Neil Willson, another co-conspirator.
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