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Bergen County Man Sentenced to 15 Months for Mortgage Loan Scam

Newark, NJ – A Bergen County man has been sentenced to 15 months in prison for his role in a scheme to defraud financial institutions of hundreds of thousands of dollars, according to Acting U.S. Attorney Rachael A. Honig.

Dennys Tapia, 55, of Ridgefield Park, New Jersey, pleaded guilty to one count of conspiracy to commit bank fraud before U.S. District Judge Stanley R. Chesler in federal court. Judge Chesler imposed the sentence today in Newark federal court.

Tapia conspired with others to fraudulently obtain mortgage loans from financial institutions, including "Mortgage Lender A" and "Mortgage Lender B," to finance the purchase of properties by unqualified buyers from 2015 to 2018. The scheme caused Mortgage Lender A hundreds of thousands of dollars in losses, and some of the loans were sold to the Federal Home Loan Mortgage Corporation, also known as Freddie Mac.

Tapia admitted providing fraudulent documents to a loan officer at Mortgage Lender A, including fake lease agreements, bank statements, and a gift check and gift letter. He also caused a straw borrower to apply to Mortgage Lender B for a cash-out refinance mortgage loan that contained misrepresentations of material facts and fraudulent documents.

Tapia’s scheme resulted in profits of tens of thousands of dollars and caused losses of hundreds of thousands of dollars. In addition to the prison term, Judge Chesler sentenced Tapia to two years of supervised release and ordered restitution of $182,508 and forfeiture of $176,532.

Acting U.S. Attorney Honig credited special agents of the FBI and the Federal Housing Finance Agency, Office of Inspector General, with the investigation leading to today’s sentencing. The government is represented by Assistant U.S. Attorney Jonathan Fayer and Special Assistant U.S. Attorney Charlie Divine.

Tapia’s sentencing serves as a reminder of the consequences of white-collar crime. The Grimy Times will continue to investigate and report on cases like this to hold perpetrators accountable and bring justice to victims.