Frederick Grippo pleaded guilty to fraud on Jan. 23 according to the State Attorney General, while Vito Grippo pleaded guilty on Feb. 27.
Vito Grippo, 58 of Jackson and owner of Morgan Financial Equity Shares and Vanick Holdings on Holmdel Road, along with his son Frederick Grippo, 32 of Old Bridge have now both pleaded guilty to mortgage fraud after being indicted in December. Frederick pleaded guilty to fraud on Jan. 23 according to the State Attorney General, while Vito pleaded guilty on Feb. 27. As described by Grippo and his associates, the Equity Share Program involved creating a limited liability company (“LLC”) in the name of the homeowner’s house in which LLC the homeowner would supposedly own a 90 percent interest with the rest to be owned by one or two private investors. In reality, the so-called investors invested nothing and were instead straw buyers recruited …
Investigators say the father, of Jackson, allegedly promised to bail out homeowners from foreclosure but instead sold the homes to unwitting investors while conspiring with the son, of Old Bridge, to steal millions from lenders.
- POLICE & FIRE
Thursday, September 27, 2012
A father and son were charged today in an alleged scheme in which the father allegedly promised to rescue homeowners facing foreclosure, but instead sold their homes to investors and conspired with the son to steal $4.5 million from lenders by filing fraudulent mortgage applications in the investor's names, according to Attorney General Jeffrey Chiesa. Vito Grippo, 47, of Jackson and his son, Frederick Grippo, 32, of Old Bridge, were charged by a complaint summons with conspiracy and theft by deception. Vito Grippo was also charged with money laundering and theft by failure to make required disposition of property received, according to the Office of the Attorney General. All of the charges are in the second degree and are the result of an…