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AHH 24-Hr. News

IMAGE Colts Neck Community Church Fall Festival 2014
Sunday, 19 October 2014
COLTS NECK, NJ - Driving along a winding road covered in autumns painted glow, there was such peace.  White painted paddocks, country roads, and... Read More...
IMAGE Jersey Shore Walk Now for Autism Speaks Raises $210,000
Sunday, 19 October 2014
Long Branch, NJ – More than 1,500people, including individuals with autism, their families and friends, joined together in the rain on Saturday,... Read More...
Park System Plans Fall Craft Show at Fort Monmouth Rec Center
Sunday, 19 October 2014
TINTON FALLS —  From 9 a.m.-2 p.m. on Saturday, November 8, the Monmouth County Park System will host its Fall Craft Show at the Fort Monmouth... Read More...
Rutgers Professor to Discuss Rising Sea Levels
Sunday, 19 October 2014
LINCROFT, NJ  – Two experts on rising sea levels will discuss how New Jersey -- and the entire Mid-Atlantic Region -- will be affected by... Read More...
IMAGE Newman Springs Dental Care Raises Money for Parker Family Health Center & St Jude’s Hospital
Saturday, 18 October 2014
Lincroft, NJ - Drs. Mitchel Friedman and Julia Cintron of Newman Springs Dental Care in Lincroft believe that having a whiter smile can do more... Read More...

Columns

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...
IMAGE Individualism and Group Activities Reconsidered
by George Hancock-Stefan
Friday, 17 October 2014
A short while ago, one of the high school students in my church told me that she hates group projects.  She finished her part already, but... Read More...
IMAGE Henry Hudson Tri-District Education Foundation to Support STEM and Athletic Programs
by Jack Archibald
Friday, 17 October 2014
In the competitive landscape of education, today’s students need every advantage to get ahead.  There are many things that factor into a... Read More...

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Baby Story Time Ages 10 – 24 months
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Toddler Story Time Ages 2 & 3
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Middletown Mayor Open Office Hours

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.