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AHH 24-Hr. News

IMAGE Jersey Shore Partnership Makes a Splash with Big Wave Anchor Award
Tuesday, 16 September 2014
PHOTO: ( left to right):  Robert Mainberger,President Jersey Shore Partnership; John Szeliga, Chairman of the Jersey Shore Partnership... Read More...
IMAGE CPC Behavioral Healthcare Opens Freehold Counseling Center
Tuesday, 16 September 2014
Behavioral Health, Addiction Recovery, Counseling & Education Services Offer Hope and Help for Monmouth Families Freehold, NJ –... Read More...
IMAGE "Through the Middle” with Artists Laura Sharp Wilson and David French
Tuesday, 16 September 2014
IMAGE: Laura  Sharp Wilson & David French Collaboration Opening Reception, September 27 Atlantic Highlands, NJ - On Saturday,... Read More...
IMAGE Red Bank Crop Hunger Walk Set for Oct. 19
Tuesday, 16 September 2014
PHOTO: The Food Pantry operated by the Area Association of Community Churches and located at the Atlantic Highlands United Methodist Church is one of... Read More...
4th Annual “The Endless Summer Walk: bay2ocean30”
Monday, 15 September 2014
Asbury Park, NJ - The FreeWalkers, a social network of long-distance walkers, aims to extend the summer of 2014 for the fourth year in a row by... Read More...

Columns

IMAGE Hoy for the Hall of Fame
by Daniel J. Vance
Saturday, 13 September 2014
I guess every year you'll just have to get used to reading about William Elsworth “Dummy” Hoy, a deaf professional baseball player from... Read More...
IMAGE 9/11 - An Historic Shift
by Jack Archibald
Friday, 12 September 2014
Wherever you walk in lower Manhattan on September 11, there is always some quiet reflection going on.  Most of the workers are quietly going... Read More...
IMAGE Skewed View - September 12, 2014
by Tom Brennan
Friday, 12 September 2014
Here's a handy info graph that shows what diseases kills most of us and how much we give to those diseases: http://bit.ly/1lLNoKL "12 Year-old... Read More...
IMAGE Could Someone Else Pray?
by George Hancock-Stefan
Thursday, 11 September 2014
E. M. Bounds starts his book on prayer by telling us that the world will never know the things that were altered through prayer - Elijah praying and... Read More...
IMAGE The Four Rs of Education
by Anne Mikolay
Thursday, 11 September 2014
Now that summer vacation has ended, I've seen lots of little children heading off to school, some with neat, new clothes and clean backpacks, others... Read More...

Upcoming Events

Wed Sep 17 @ 9:30AM - 10:00AM
Baby Story Time Ages 10 – 24 months
Wed Sep 17 @ 9:30AM - 11:00AM
Gymboree Play and Music! - AH Library
Wed Sep 17 @10:30AM - 10:50AM
Toddler Story Time Ages 2 & 3
Wed Sep 17 @11:00AM -
Making "Segmented" Wooden Bowls
Thu Sep 18 @ 3:15PM - 03:45PM
School Age Programs Grades K and up

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.