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AHH 24-Hr. News

IMAGE Middletown Library - November 2014 – New Events for Adults and Teens
Friday, 24 October 2014
MIDDLETOWN, NJ - Middletown Township Public Library, 55 New Monmouth Road, Middletown NJ, will host the following events for adults and teens... Read More...
2nd Annual Wine Tasting Benefit for Red Bank Library
Friday, 24 October 2014
RED BANK, NJ - The Foundation for the Red Bank Public Library is holding its 2nd annual wine tasting benefit on November 11, 2014 from 7:00 pm... Read More...
Sermon: The Promise
Friday, 24 October 2014
ATLANTIC  HIGHLANDS ---The Rev. Paul F. Rack will preach on placing our trust in the fulfillment of God's promise of redemption, equality... Read More...
IMAGE Keansburg Hosts Zombies & Comic Character Walk
Friday, 24 October 2014
Saturday, November 1 starting at 5 p.m. KEANSBURG, NJ - Everyone is invited to dress up and join the Halloween fun including two haunted houses. The... Read More...
Monmouth County Chamber Spooky Halloween Business Networking Party
Friday, 24 October 2014
Belford, NJ - Join the Monmouth County Chamber of Commerce for its Annual Halloween Party on Wednesday, October 29, from 6pm to 8pm at the Kedz... Read More...

Columns

IMAGE Remembering Hans Holzer’s Paranormal Investigations in NJ (Part II)
by Dennis
Friday, 24 October 2014
As was revealed in the previous article, the late Dr. Hans Holzer, famed pioneer of psychical research, helped put Port Monmouth’s Spy House on the... Read More...
IMAGE The Fountain of Youth
by Anne Mikolay
Thursday, 23 October 2014
On October 20th, actress Renee Zellweger arrived at the 2014 Elle Women in Hollywood awards with a new face. As a result of very obvious plastic... Read More...
IMAGE Review - The Skeleton Twins
by David Prown
Sunday, 19 October 2014
Recently a good friend shared that she was very amped up to see the new movie "The Skeleton Twins" playing at the Bow Tie in Red Bank. She is a big... Read More...
IMAGE Halloween Special Feature: Remembering Hans Holzer’s Paranormal Investigations in NJ (Part I)
by Dennis
Sunday, 19 October 2014
When it came to ghosts, ghouls, and stories from beyond the grave, few spoke as authoritatively as the late Dr. Hans Holzer. The Austrian-born... Read More...
IMAGE Who Put a Silver Bracelet on a Bird?
by Joe Reynolds
Saturday, 18 October 2014
As autumn progresses around New York Harbor (including the lower reaches of Sandy Hook Bay and Raritan Bay), royalty has returned to our sandy... Read More...

Upcoming Events

Sat Oct 25 @ 5:00AM - 08:00PM
Halloween Hullabaloo - Middletown
Sat Oct 25 @10:00AM - 11:30AM
Chess Club Meets - AH Library
Tue Oct 28 @ 7:00PM -
MT Town Hall Meeting - Economic Development
Wed Oct 29 @ 9:30AM - 10:00AM
Baby Story Time Ages 10 – 24 months
Wed Oct 29 @10:30AM - 10:50AM
Toddler Story Time Ages 2 & 3

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.