NEWARK, N.J. (AP) - Prosecutors say a New Jersey man has admitted to taking part in a mortgage scheme using fake documents and straw buyers to acquire more than $6 million in mortgages on properties.
Forty-six-year-old Joseph DiValli, of Jackson, pleaded guilty Thursday in a Newark federal court to his role in the mortgage-fraud scheme.
Authorities say DiValli worked as a loan officer for a mortgage lender in North Jersey where he and others conspired to get mortgages for properties there.
Court documents say they recruited “straw buyers” to purchase the properties and then submitted the false loan documents so the fake buyers would qualify for the loans.
DiValli is facing up to 35 years in prison for wire fraud, conspiracy and tax evasion.
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