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AHH 24-Hr. News

Two Education Officials Join Brookdale Board
Saturday, 22 November 2014
LINCROFT, NJ – Dr. Henry Cram of Long Branch and Paul Crupi of Ocean were sworn in as the newest members of the Brookdale Community College board of trustees during the board’s Nov. 20 annual meeting in Lincroft. Cram, a former teacher, college... Read More...
Lots of Holiday Cheer at the Art Alliance
Saturday, 22 November 2014
100 Square Inches, Betsey Regan, And the Artisan Show & Sale RED BANK, NJ - Hate waiting for the show to end so you can get that art piece you love? As a gift for the holidays, the Art Alliance will let you buy a work in the gallery and... Read More...
Novelist Julia Alvarez to Speak at Brookdale
Saturday, 22 November 2014
LINCROFT, NJ – Community members of all ages are invited to an evening with award-winning novelist Julia Alvarez at Brookdale Community College’s Collins Arena on Tuesday, Nov. 25 from 7 to 9 p.m. The discussion will center on Alvarez’s... Read More...
IMAGE The Community YMCA Bayshore Family Success Center “Ties” Itself to New Community at Their Open House in Leonardo
Friday, 21 November 2014
Photo: The staff of the Bayshore Family Success Center with The Community YMCA President and CEO Rhonda Anderson, at the ribbon tying during their open house on November 20.  Pictured L-R are: Alicia Maresco, Megan Kelly, Rhonda Anderson,... Read More...
Major Loophole in NJ Microbeads Ban Legislation
Friday, 21 November 2014
5 Gyres, NY/NJ Baykeeper, and Clean Ocean Action support alternative Keyport, N.J. - New Jersey Bill S2178 would phase out plastic microbeads in personal care products such as toothpastes and exfoliating face washes, beginning January... Read More...

Columns

IMAGE Chronic Fatigue Syndrome Often Not Believed
by Daniel J. Vance
Saturday, 22 November 2014
Chronic Fatigue Syndrome (CFS), also called Chronic Fatigue Immune Dysfunction Syndrome, had Carl Miller of Georgetown, Ohio, and his doctors,... Read More...
IMAGE Imparted Concepts
by George Hancock-Stefan
Friday, 21 November 2014
I heard on the news that a baseball player, Giancarlo Stanton, received the highest salary that has ever been paid ($325 million over 13... Read More...
IMAGE Review - Interstellar
by David Prown
Friday, 21 November 2014
I was definitely not jonesing to see "Interstellar" as I'm not really a big special effects guy however I've always liked space movies. My son saw it... Read More...
IMAGE Take It From Snoopy
by Anne Mikolay
Thursday, 20 November 2014
Recently, I cleaned out a trunk full of ancient artifacts from my high school days and came across a little book titled “Happiness is a warm... Read More...
IMAGE Happy Birthday to a Group Very Special to Atlantic Highlands
by Jack Archibald
Thursday, 20 November 2014
This column typically avoids mentioning birthdays, as each of us is special and our birthday is something to be celebrated.  But a recent... Read More...

Upcoming Events

Mon Nov 24 @11:00AM - 01:00PM
Diabetes Awareness Day
Wed Nov 26 @ 9:30AM - 10:00AM
Baby Story Time Ages 10 – 24 months
Wed Nov 26 @10:30AM - 10:50AM
Toddler Story Time Ages 2 & 3
Thu Nov 27 @ 9:00AM - 11:00AM
Middletown Mayor Open Office Hours
Thu Nov 27 @ 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.