Vito Grippo, owner of Morgan Financial Equity and Vanick Holdings in Holmdel, plead guilty to $4.4 million mortgage fraud.
Vito Grippo, 58 of Jackson and owner of Morgan Financial Equity Shares and Vanick Holdings on Holmdel Road plead guilty to mortgage fraud after being indicted in December. 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 by Vito Grippo or his son, Frederick “Freddie” Grippo because they had good credit. The Grippos and their associates then made out mortgage loan applications in the names of the “investors” for …
Vito Grippo, owner of Morgan Financial Equity and Vanick Holdings in Holmdel, is formally charged with a $4.4 million mortgage fraud.
- POLICE & FIRE
Friday, December 14, 2012
The owner of a Holmdel-based business was indicted today for his alleged role in a phony foreclosure rescue scheme that was part of a $4.4 million mortgage fraud, U.S. Attorney Paul J. Fishman announced. Vito C. Grippo, 58, of Jackson, N.J., the president of Morgan Financial Equity Shares and Vanick Holdings LLC located at 22 S. Holmdel Road in Holmdel, was indicted by a federal grand jury on one count of conspiracy to commit wire fraud and three counts of filing a false tax return for the years 2006 through 2008. On Nov. 29, his son Frederick “Freddie” Grippo, 32, of Old Bridge, N.J., formerly a loan officer at Worldwide Financial Resources and an officer of Vanick Holdings, pleaded guilty in Newark federal court to one count of …