Former N.J. Lawyer Sentenced to Four Years In Prison For $40.8 Million Mortgage Fraud Scheme
CAMDEN, N.J. – Joseph W. Witkowski, 70, of Flemington, New Jersey, was handed a 48-month prison sentence today for his role in a massive mortgage fraud scheme that swindled lenders out of $40.8 million, U.S. Attorney Paul J. Fishman announced.
In addition to the severe jail term, Witkowski faces three years of supervised release and is required to pay restitution of $13,105,570. He must also forfeit $2,412,899 as part of his plea agreement for the proceeds of the fraud.
According to court documents and statements made during the sentencing hearing, Witkowski conspired with others to defraud lenders by recruiting ‘straw buyers’ who lacked the financial means to qualify for mortgages. They then created falsified documents to depict these buyers as more creditworthy than they were.
The fraudulent applications were submitted to mortgage lenders, resulting in loans being approved and proceeds sent to accounts controlled by Witkowski and his conspirators. This elaborate scheme took advantage of overbuilt oceanfront condominiums in Wildwood Crest and prime vacation properties across Georgia and South Carolina.
U.S. District Judge Joseph H. Rodriguez imposed the sentence in Camden federal court after Witkowski pleaded guilty to conspiracy to commit wire fraud and money laundering.
The investigation leading to today’s sentencing was conducted by special agents of the FBI and IRS-Criminal Investigation, with Assistant U.S. Attorney Diana Carrig representing the government in this case. Defense counsel for Witkowski was Maggie Moy Esq., Assistant Federal Public Defender, Camden.
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Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
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