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AHH 24-Hr. News

IMAGE 21st Running of Annual Trick or Trot 5K Held on a Sunny Sunday in Long Branch
Thursday, 30 October 2014
PHOTO:  Start of Trick or Trot 5K.  Photos by Bob Both LONG BRANCH, NJ - The Irish, according to encyclopedia information, brought the... Read More...
IMAGE Newly Relocated Bayshore Family Success Center in Leonardo Offers Support
Thursday, 30 October 2014
photo:  From left, Superstorm Sandy victims Cody, Lisa and Autumn Lamberson help mark the 2nd anniversary of the hurricane at the Y’s Bayshore... Read More...
2014 Fall Back and Change Your Batteries
Thursday, 30 October 2014
Now is the best time to make sure smoke detectors are working properly  FREEHOLD, NJ – As you set your clocks back one hour this coming... Read More...
Hurricane Sandy New Jersey Relief Fund Announce Final Grants Totaling 3.5 Million
Thursday, 30 October 2014
Morristown, N.J. (October 29) - Today the Hurricane Sandy New Jersey Relief Fund, chaired by First Lady Mary Pat Christie, announced $3.5... Read More...
MidAtlantic Bulldog Rescue "Bully Bash" at Wonder Bar
Thursday, 30 October 2014
The non-profit will be hosting it’s dog friendly event to raise proceeds for the medical care of its bulldogs Asbury Park, NJ – The MidAtlantic... Read More...

Columns

IMAGE Election is Around the Corner - Time to Vote
by Jack Archibald
Thursday, 30 October 2014
Halloween is upon us, and shortly thereafter, most of the public will focus on next Tuesday, which is Election Day.  For the past few weeks,... Read More...
IMAGE A Monarch with a Marker in NY Harbor
by Joe Reynolds
Thursday, 30 October 2014
It was a windy, sunny day last week. I was enjoying the afternoon at a friend’s meadow near Sandy Hook Bay, located downstream from New York City.... Read More...
IMAGE An Enemy Has Done It!
by George Hancock-Stefan
Thursday, 30 October 2014
In one of the well-known parables of the Lord Jesus Christ, the Wheat and the Tares (Matthew 13:24-30), the servants are surprised because when they... Read More...
IMAGE It's the Great Autumn Scrooge, Charlie Brown!
by Anne Mikolay
Thursday, 30 October 2014
According to Charlie Brown's friend, Linus, “On Halloween night, the Great Pumpkin rises out of his pumpkin patch and flies through the air with... Read More...
IMAGE In Long Branch, Jeff Bell Appeals to Republicans
by Dennis
Wednesday, 29 October 2014
Long Branch is known for many things—the beaches, boardwalk, dining, and diversity—but being a bastion of Republicanism is not one of them.... Read More...

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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.