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AHH 24-Hr. News

IMAGE FilmOneFest: Not Just Movies
Thursday, 10 July 2014
photo: Freedom Pottery at FilmOneFest 2013 ATLANTIC HIGHLANDS, NJ - The flourishing arts scene in Atlantic Highlands is evident at FilmOneFest... Read More...
IMAGE Shore Paddle Scheduled for Sunday, July 13
Thursday, 10 July 2014
Paddleboard Race and Fun Paddle to Benefit Clean Ocean Action and Surfers’ Environmental Alliance WHAT:  A paddleboard event to benefit Clean... Read More...
IMAGE Free Historical Augmented Reality Tour of the Asbury Park Boardwalk
Thursday, 10 July 2014
ASBURY PARK, NJ - The Asbury Park Boardwalk has been experiencing an upswing recently. The restaurant, entertainment, and tourism industries have all... Read More...
Gateway Photography Contest: Tell a Story with a Picture
Thursday, 10 July 2014
July 1- July 31, 2014 Love Gateway? Do you take photos of your favorite park all of the time? Gateway's photo contest started on July 1st and runs... Read More...
Classic Rock Music from Woodstock Era
Thursday, 10 July 2014
MANALAPAN, NJ –  For those who memorialize the Woodstock Era and know every lyric and intonation of Jimi Hendrix, Santana, Pink Floyd, Rolling... Read More...

Columns

IMAGE For the Children
by Woody Zimmerman
Thursday, 10 July 2014
When I was raising my own children, I could always be had by a bedtime plea of “Dad, I’m hungry…” A ritual bowl of cereal and some... Read More...
IMAGE Book Review: Love and Treasure
by Lindsey Stefan
Thursday, 10 July 2014
Jack Wiseman is an elderly man who has only one regret in life. He asks his granddaughter Natalie to take a necklace that he has been keeping for... Read More...
IMAGE A See-Through Fish Swims in Local Waters
by Joe Reynolds
Thursday, 10 July 2014
So far this summer, the seining has been pretty good around local waters in Raritan Bay and Sandy Hook Bay. Along with the usual suspects, such as... Read More...
IMAGE When Did I Become Danny Dorn
by Daniel Murphy
Monday, 07 July 2014
For those of you who have grown up in Red Bank and are over 20 you will remember Dorn’s Photo Shop.  Born in 1910 Danny Dorn Sr. became a... Read More...
IMAGE Review - Chef
by David Prown
Saturday, 05 July 2014
The movie "Chef" has been out for several weeks. All I knew was that it starred "Jon Favreau" who I clearly remember from the awesome guys comedy... Read More...

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Wed Jul 16 @ 3:00PM - 04:30PM
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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.