Aron Puretz, Mortgage Fraud Conspiracy, New Jersey 2024

A New Jersey man, Aron Puretz, 53, has pleaded guilty to engaging in a multi-year conspiracy to fraudulently obtain over $54.7 million in loans and to fraudulently acquire multifamily and commercial properties.

Puretz conspired with others to deceive lenders into issuing multifamily and commercial mortgage loans by providing fictitious documents, including purchase contracts with inflated purchase prices, fake financial statements, and other fraudulent documents.

The scheme involved the creation of a nonprofit entity, JPC Charities, to receive tax-exempt status for the properties owned by Puretz and his co-conspirators. The group also provided false statements to the city of Eureka, Illinois, to receive a property tax exception.

Puretz was an employee of Apex Equity Group, a real estate investment and advisory firm, and one of the owners of Maple Lawn in Eureka, Illinois, and Big Country Chateau in Little Rock, Arkansas, both multifamily properties, and Troy Technology Park in Troy, Michigan, a commercial property.

Puretz pleaded guilty to one count of conspiracy to commit wire fraud affecting a financial institution. He is scheduled to be sentenced on October 30, 2024, and faces a maximum penalty of five years in prison.

The U.S. Attorney Philip R. Sellinger for the District of New Jersey, Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division, Inspector General Brian M. Tomney of the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG), and Postal Inspector in Charge Eric Shen of the U.S. Postal Inspection Service’s (USPIS) Criminal Investigations Group made the announcement.

FHFA-OIG and USPIS are investigating the case. Assistant U.S. Attorney Martha Nye for the District of New Jersey and Trial Attorney Siji Moore of the Criminal Division’s Fraud Section are prosecuting the case.

Source: https://www.justice.gov/usao-nj/pr/real-estate-investor-pleads-guilty-547m-mortgage-fraud-conspiracy