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Mortgage Fraud Scheme Lands Passaic County Man in Prison for 5 Years
A $15 million mortgage fraud scheme has been dealt a major blow with the sentencing of Nicholas Tarsia, a 67-year-old man from Totowa, New Jersey.
On June 25, 2015, U.S. District Judge Jerome B. Simandle sentenced Tarsia to 60 months in prison for conspiring to launder money as part of the scheme.
Tarsia pleaded guilty to a superseding information charging him with one count of conspiring to commit money laundering. The scheme used phony documents and ‘straw buyers’ to make illegal profits on overbuilt condos.
The scheme, which took place between 2006 and 2008, caused $15 million in fraudulent mortgage loans to be funded. Tarsia and his conspirator, Timothy Ricks of Essex County, New Jersey, extracted proceeds from the fraud through wire transfers and checks.
Tarsia’s role in the scheme involved laundering money through wire transfers and checks. He and his conspirators, including Dwayne Onque and Orlando Allen, transmitted a portion of the proceeds to other conspirators.
Tarsia and his defense counsel, Telesforo Del Valle Jr. Esq. of New York, will have to determine restitution at a hearing scheduled for July 9, 2015.
U.S. Attorney Paul J. Fishman credited special agents of the FBI and IRS-Criminal Investigation for their roles in the investigation. Assistant U.S. Attorneys Matthew T. Smith and Jacqueline M. Carle represented the government in the case.
Tarsia’s sentence includes three years of supervised release following his prison term. The $15 million mortgage fraud scheme has been dismantled, and the individuals involved will face the consequences of their actions.
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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