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AHH 24-Hr. News

Road Construction on West Front Street in Middletown Until Aug. 8
Wednesday, 30 July 2014
Wall, NJ – New Jersey Natural Gas (NJNG) today announced that it is installing 1,500 feet of main on West Front Street in Middletown, between... Read More...
Matawan Contractor Admits Failing to Perform Work for Post-Sandy Victims
Wednesday, 30 July 2014
Admits He Took Deposits for Work He Never Did FREEHOLD, NJ - A Matawan-based contractor pleaded guilty to accusations of theft admitting he accepted... Read More...
IMAGE Telling Their Story Through the Power of Art
Wednesday, 30 July 2014
PHOTO: Amanda's Easel Program Coordinator Cindi Westendorf (second from left) and Canterbury Art Show volunteers in the 2013 art show gallery of... Read More...
IMAGE The Community YMCA Kicks Off ‘Togetherhood’ Initiative with School Supply Drive to Benefit Kids Near and Far
Wednesday, 30 July 2014
PHOTO: Sahar Akbarzai of Old Bridge helps Y campers create a mural that will travel to Afghanistan along with school supplies being collected at... Read More...
IMAGE Assistance Available for Organic Certification Costs
Wednesday, 30 July 2014
TRENTON, NJ  – The New Jersey Department of Agriculture announced a partnership with the federal government to reduce organic certification... Read More...

Columns

IMAGE Not the Kind of Anchovy You Put on Pizza
by Joe Reynolds
Wednesday, 30 July 2014
If someone were to ask you the question what’s the most abundant and frequently found fish in Lower New York Bay, including Raritan Bay and Sandy... Read More...
IMAGE Review - Lucy
by David Prown
Wednesday, 30 July 2014
I saw the new movie, "Lucy" the other day starring Scarlett Johansson and Morgan Freeman and this movie is going to do well in the box office. Not... Read More...
IMAGE Adoption Involving Fetal Alcohol Syndrome
by Daniel J. Vance
Saturday, 26 July 2014
Laura Bloch adored his picture. “My husband and I had just been approved through an adoption agency and the agency sent out a letter with a picture... Read More...
IMAGE Is It The Shadow?
by Woody Zimmerman
Friday, 25 July 2014
“Who knows what evil lurks in the heart of man? (Hoo-hoo-hoo-ha-ha-ha-ha-ha-ha!) The Shadow...” Starting in the 1930s, and extending well into... Read More...
IMAGE Spectator’s Observations
by George Hancock-Stefan
Thursday, 24 July 2014
During the World Cup, I watched as many games as possible. I watched them here at home, I watched a couple of games in Turkey where they were... Read More...

Upcoming Events

Mon Aug 04 @ 8:00PM -
Middletown Township Committee Workshop Meeting
Tue Aug 05 @ 3:00PM - 04:30PM
Free Summer Mini-Camp
Wed Aug 06 @ 3:00PM - 04:30PM
Free Summer Mini-Camp
Thu Aug 07 @ 7:00PM - 09:00PM
Prostate Cancer Network- US TOO meets
Fri Aug 08 @ 7:30AM -
“Half Day Fluke Fishing” Cruise

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.