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AHH 24-Hr. News

Snyder Drive Garage Fire is Extinquished in Middletown
Saturday, 30 August 2014
MIDDLETOWN, NJ - At 5:10 AM on Saturday August 30th, 2014, the Middletown Township Fire Department was dispatched to a “possible structure fire in... Read More...
IMAGE Freeholders Promote 2014 Hunger Action Month
Saturday, 30 August 2014
Urge residents to help and “wear orange” Sept. 4 FREEHOLD, NJ – The Monmouth County Board of Chosen Freeholders is promoting Hunger Action... Read More...
IMAGE Four Gallery Exhibitions Opening in September at Monmouth University
Saturday, 30 August 2014
IMAGE: Mavis Smith, Lowlands, 2013, egg tempera on panel, 37" x 24" WEST LONG BRANCH, NJ – Monmouth University’s Center for the Arts is... Read More...
Labor Day 2014 Gas Prices Fall
Friday, 29 August 2014
Gasoline Prices Continue to Fall as New Jerseyans Take to the Roads for Labor Day The Week Gas prices continue to head downward as nearly 30 million... Read More...
Taste of Atlantic Highlands Scheduled for Sept 14
Friday, 29 August 2014
ATLANTIC HIGHLANDS, NJ - The Atlantic Highlands Chamber of Commerce invites one and all to their Third Annual Taste of Atlantic Highlands, to be held... Read More...

Columns

IMAGE Skewed View - August 30, 2014
by Tom Brennan
Saturday, 30 August 2014
Want to watch your friends eye roll with useless facts you know?  "Like" Fact Jack on Facebook: http://bit.ly/FactJackFb I want a bathroom made... Read More...
IMAGE People with Autism Especially Vulnerable
by Daniel J. Vance
Friday, 29 August 2014
Perhaps like you, recently I read of an incident in Okeechobee, Florida, in which an 18-year-old man was recorded on video beating, choking, kicking,... Read More...
IMAGE Aging Rockers
by Woody Zimmerman
Friday, 29 August 2014
A curious phenomenon of our time is the aging rocker. This is not an old piece of furniture but a person frozen in a musical time-warp. Often it is a... Read More...
IMAGE Review - When the Game Stands Tall
by David Prown
Friday, 29 August 2014
I've shared before that my favorite non-fiction sports "Rudy, Hoosiers, and Brian's Song" grabbed me for 2 primary reasons.  First, the... Read More...
IMAGE College Consultants Can Help Coax Students into the More Selective Schools
by wjoreilly
Thursday, 28 August 2014
Some high school students are unstoppable in their quest to get into the most selective of colleges--the Harvards, Yales and Princetons.They don't... Read More...

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Middletown Township Committee Workshop
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Special Preschool Storytime - AH Library
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Thu Sep 11 @ 3:15PM -
iBuild LEGO® Storytime League - AH Library

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.