Father and Son Mortgage Company Owners Plead Guilty to Fraud
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 …
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