Loan solicitor faces fraud charges after approving a loan
White collar crimes are federal crimes that are usually committed for financial gain. Fraudulent crimes such as embezzlement, mortgage fraud, bribery, Ponzi schemes and investment scams are some examples of white collar crimes. In New Jersey, a person who has been accused of fraud is prosecuted in federal court and conviction of the offense can result in incarceration, fines, probation and other serious consequences.
Five years ago, a 65-year-old South Plainfield banker allegedly approved a Federal Housing Authority loan for an unqualified borrower. The borrower then used the loan to buy a house located in Long Pond, prosecutors said.
The banker was charged with making false statements. Another man, who was believed to be a co-conspirator, was also charged.
Based on the report, the two men allegedly knew that the borrower was not qualified for the loan, yet they approved it. In 2007, the suspects issued a mortgage for the Long Pond House; however, the two failed to disclose that a second loan was approved - a violation of federal regulations.
The suspects, if convicted of the crime, may be required to pay $100,000 fine and incarcerated for up to one year.
White collar crimes are serious offenses. A person accused of a white collar crime has to deal with a lot of documents to prove that he or she is innocent of the crime. An aggressive approach may be needed to challenge the prosecutors. The suspect may also need legal guidance to ensure that the case follows its proper course.
In order to effectively contest the charges pressed, the suspect may wish to consult a legal professional who can navigate the federal court and steer the case in favor of the defendant. The legal professional can provide advice that best fits the situation. Furthermore, the legal professional can establish a resilient defense for the benefit of the defendant.
Source: poconorecord.com, "N.J. banker charged in Long Pond housing fraud," Jan. 14, 2014