Holmdel Resident Admits Laundering $7.5M in Ponzi Scheme
Over 40 homeowners victimized by fraudulent mortgage refinance loan.
A Holmdel resident pleaded guilty to laundering $7.5 million in a Ponzi scheme involving fraudulent mortgage refinance loans, the Monmouth County Prosecutor’s Office (MCPO) announced Friday. Frederick Tropeano, 46, and several associates from Hawthorne Capital Corporation, formerly of Manalapan, victimized 40 homeowners in New York and New Jersey, according to a press release issued by MCPO. When homeowners would refinance with Hawthorne, banks would issue funds at settlement, which Tropeano and others diverted to themselves rather than pay off the owner’s original mortgage, prosecutors said. Title companies operated by Tropeano and his associates intentionally failed to conduct proper records checks typically used to determine whether …
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11:02 am on Friday, March 15, 2013
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