A former loan officer from Jackson, New Jersey, has admitted his role in a large-scale mortgage fraud scheme that used phony documents and straw buyers to acquire over $6 million in loans.
Joseph DiValli, 46, pleaded guilty before U.S. District Judge Susan D. Wigenton in Newark federal court to a superseding information charging him with one count of conspiracy to commit wire fraud, one count of wire fraud, and one count of tax evasion.
According to documents filed in this case and statements made in court, DiValli and other conspirators agreed to fraudulently obtain mortgage loans for properties located in North Jersey from March 2011 through November 2012.
DiValli and others submitted false and fraudulent loan applications and supporting documents so the straw buyers could qualify for the loans, and used another conspirator, who worked at a bank, to create misleading certifications showing certain bank accounts held more money than they actually had.
The scheme induced lenders to issue more than $6 million in loans, resulting in several defaults and exposing lenders and the Federal Housing Administration (FHA) to more than $2 million in potential losses.
DiValli also admitted using a separate scheme to modify the mortgage on his personal residence, and failed to file taxes for 2012, resulting in a tax evasion charge.
The wire fraud and conspiracy counts to which DiValli pleaded guilty are each punishable by a maximum potential penalty of 30 years in prison and a $1,000,000 fine.
Sentencing is scheduled for September 9, 2015.
Related Federal Cases
- Sato Satka, Bank Fraud, New Jersey 2024 · Illinois
- Vincent J. Gamuzza, Health Care Fraud, New Jersey 2023 · Pennsylvania
- Lissette Delarosa, Mail Fraud Conspiracy, New Jersey 2010 · Florida
- Michael Esposito, Wire Fraud, New Jersey 2013 · Pennsylvania
- Gomidas Garabed Hartounian, Wire Fraud and Tax Evasion, New Jersey 2014 · Florida
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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