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AHH 24-Hr. News

Middletown Cancels Recycling Collection for Thursday, March 5
Wednesday, 04 March 2015
MIDDLETOWN, NJ - Recycling collection scheduled for Thursday, March 5, 2015 has been cancelled due to the expected inclement weather. Collection is expected to resume on Friday, March 6, 2015. Anyone that is scheduled for a Thursday pickup will be... Read More...
MOAM To Host "Come To Your Senses" Benefit
Wednesday, 04 March 2015
MONMOUTH BEACH, NJ - Musicians on a Mission will host the "Come To Your Senses" benefit this Sunday at the Monmouth Beach Cultural Center. The event will treat visitors to art that will stimulate all five senses and benefit the Media Center @... Read More...
Help Your Community Exercise Their Right to Vote in 2015
Wednesday, 04 March 2015
Become a Monmouth County election poll worker FREEHOLD, NJ – The Monmouth County Board of Elections is seeking poll workers for upcoming elections. “Voting is one of the greatest privileges that we have as Americans,” said Monmouth County... Read More...
County Gears Up for Consumer Protection Week 2015
Wednesday, 04 March 2015
FREEHOLD, NJ – The Monmouth County Division of Consumer Affairs is joining with federal, state, and local government agencies and national organizations to celebrate National Consumer Protection Week (NCPW) from March 1 through March 7. “People... Read More...
IMAGE March 2015 Youth Programs at Middletown Library
Wednesday, 04 March 2015
The following programs are scheduled at Middletown Township Public Library, 55 New Monmouth Road, Middletown: Programs @ the library March 8th – 14th LEGO Free Play Mon, March 9th @3:45pm (Grades K&Up/Tween)The newest addition to our drop in... Read More...

Columns

IMAGE Winter of Discontent
by Woody Zimmerman
Wednesday, 04 March 2015
Just four months ago, angry and energized voters swarmed to the polls to give Republicans control of the Senate and increase their House of... Read More...
IMAGE Bay Birds Attempt to Avoid Bay Ice
by Joe Reynolds
Monday, 02 March 2015
Brrrrrrrr. No doubt this was a cold winter season. Just how cold? February officially made it into the record books as the coldest February in... Read More...
IMAGE Bullers Went from Journalist to Advocate
by Daniel J. Vance
Sunday, 01 March 2015
Last week, I featured long-time journalist and disability advocate Finn Bullers of Kansas City, Kansas. I'm now featuring him again because of the... Read More...
IMAGE Monmouth Republicans Have a Bright Future
by Jack Archibald
Sunday, 01 March 2015
If last weekend was any indication, the Monmouth County Republican Party is in very good shape. In the dead of winter, the Monmouth GOP held two... Read More...
IMAGE Poetical License and Truth
by George Hancock-Stefan
Friday, 27 February 2015
Our Monmouth County neighbor Mr. Brian Williams from NBC was suspended for telling a story about his time in Iraq that was not completely... Read More...

Upcoming Events

Fri Mar 06 @ 2:00PM - 07:00PM
Income Tax Help - Union Beach
Fri Mar 06 @ 7:00PM -
'Night at the Races' - AHES
Mon Mar 09 @ 7:00PM -
AH - American Legion Meeting
Wed Mar 11 @ 1:00PM -
NARFE Meets
Wed Mar 11 @ 7:00PM -
AH Council Meeting

NEWARK, NJ —A Middlesex County, New Jersey man today admitted his part in a phony foreclosure rescue scheme that was part of a $4.4 million mortgage fraud, U.S. Attorney Paul J. Fishman announced.

Frederick “Freddie” Grippo, 32, of Old Bridge, New Jersey, formerly a loan officer at Worldwide Financial Resources and an officer of Vanick Holdings, pleaded guilty before U.S. District Judge Kevin McNulty in Newark federal court to an information charging him with one count of conspiracy to commit wire fraud.

According to documents filed in this case and statements made in court:

Between January 2008 and February 2010, a co-conspirator of Grippo was the president of Morgan Financial Equity Shares and Vanick Holdings, both based in Holmdel, New Jersey. Morgan Financial was held out to the public as a company that could help homeowners in financial distress who faced foreclosure on their homes through something called the “Equity Share Program.” As described by Morgan Financial and its president, the Equity Share Program involved creating a limited liability company in the name of the homeowner’s house in which 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 Grippo or his co-conspirator because they had good credit. Grippo and his associates then made out mortgage loan applications in the names of the phony investors for the purchase of the distressed properties. A homeowner in distress would come to a closing at the Morgan Financial office in Holmdel at which he or she would be given a stack of documents to sign that the homeowner thought would prevent foreclosure, but which actually transferred title to the investor. The new mortgage loan applications filled out in the name of the investor by Grippo or his associates contained materially false information about the loan applicant’s monthly income, his assets, and whether the residence to be “bought” would be his primary residence.

Once the new loan application was filled out, it would be submitted to Worldwide Financial Resources for processing, and Grippo, a loan officer at Worldwide, would see to it that the loan was approved. Once the loan was approved and the loan money was wired to the settlement agent for a given transaction, Grippo’s co-conspirator would direct the settlement agent to forward a portion of those loan proceeds to bank accounts that the co-conspirator controlled.

The scheme succeeded in obtaining $4.4 million in mortgage loans. Properties whose original owners fell victim to the Equity Share Program are located throughout the metropolitan area, including in Rutherford, New Jersey; Monroe, New Jersey; and Brooklyn, New York.

The conspiracy charge to which Grippo pleaded guilty carries a maximum potential penalty of 30 years in prison and a maximum fine of $1,000,000. Sentencing is scheduled for March 6. 2013.

U.S. Attorney Fishman credited special agents from the FBI’s Red Bank Resident Agency, under the direction of Special Agent in Charge Michael B. Ward in Newark; and special agents from IRS-Criminal Investigation, under the direction of Acting Special Agent in Charge Shantelle P. Kitchen, for the investigation leading to today’s guilty plea.

The government is represented by Assistant U.S. Attorney Bohdan Vitvitsky of the U.S. Attorney’s Office Economic Crimes Unit in Newark.