Tell your friends

 This email address is being protected from spambots. You need JavaScript enabled to view it.
(732) 872-1957

AHH 24-Hr. News

IMAGE 90.5 The Night Celebrates 40 Years
Wednesday, 01 October 2014
LINCROFT, NJ - On the 1st of October, 90.5 The Night Brookdale Public Radio marks its 40th Anniversary of radio broadcasting by kicking off a... Read More...
16th Annual Interdisciplinary Forum on the Vietnam Era
Wednesday, 01 October 2014
Holmdel, N.J. – On Friday, October 17, 2014 from  8:30 a.m. - 2:00 p.m., the New Jersey Vietnam Veterans’ Memorial Foundation will hold its... Read More...
New Jersey Fisherman Encouraged to Access Federal Fishery Disaster Relief Funds
Wednesday, 01 October 2014
WASHINGTON, DC — Today, Congressman Frank Pallone, Jr. (NJ-06) encouraged New Jersey fishermen affected by Superstorm Sandy to apply for... Read More...
Monmouth University Polling Institute Ranked in Top 7% by Polling Analyst Nate Silver
Wednesday, 01 October 2014
West Long Branch, N.J. - The Monmouth University Polling Institute (MUPI) is ranked among the top 7% of all pollsters in the nation after... Read More...
Man Who Fled Newark Bank Robbery in a Taxi Pleads Guilty
Wednesday, 01 October 2014
NEWARK, NJ—An Essex County man who left the scene of the crime by hailing a cab admitted today to robbing the New York Community Bank in Newark,... Read More...

Columns

IMAGE The Hangover
by Anne Mikolay
Wednesday, 01 October 2014
Let's talk about my hangover. Shall we? Let me begin by saying this: my hangover has absolutely nothing to do with liquor or Bradley Cooper's 2009... Read More...
IMAGE The Fast Changing World
by George Hancock-Stefan
Wednesday, 01 October 2014
Sometime last year, I shopped at one of the large stores in the Monmouth Mall.  I bought a suit and the gentleman selling me the suit was so... Read More...
IMAGE What’s Living in Raritan-Sandy Hook Bays?
by Joe Reynolds
Sunday, 28 September 2014
On Sunday, September 28, volunteers with the Bayshore Regional Watershed Council, an all-volunteer environmental group dedicated to restoring Raritan... Read More...
IMAGE Wakefield Gets SA Chapters Running
by Daniel J. Vance
Saturday, 27 September 2014
My featured person this week, Margery Wakefield, of Lansing, Michigan, has had lifelong struggles with schizophrenia, a mental health disability. For... Read More...
IMAGE Life in the Tidelines near NY Harbor
by Joe Reynolds
Thursday, 25 September 2014
There’s a nor’easter heading our way, but the other day it was sunny, calm, and lovely out. Trying to take advantage of the pleasant weather... Read More...

Upcoming Events

Wed Oct 01 @ 9:30AM - 10:00AM
Baby Story Time Ages 10 – 24 months
Wed Oct 01 @10:30AM - 10:50AM
Toddler Story Time Ages 2 & 3
Thu Oct 02 @ 3:15PM - 03:45PM
School Age Programs Grades K and up
Thu Oct 02 @ 4:00PM - 04:30PM
Preschool Story Time Ages 3 – 5
Thu Oct 02 @ 6:30PM - 07:30PM
What’s On Your Plate? Family Nutrition

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.