Fraud Ring Member Admits Forging Signatures On Mortgages

In Northern New Jersey, The Associated Press reports:

• Another guilty plea in a Paterson mortgage scam. Frank Corallo admitted he forged signatures on mortgages he'd helped falsify. The bogus mortgages helped otherwise unqualified buyers purchase houses whose value was artificially inflated by an appraiser who was in on the scam. Banks were left holding more than $1 million in worthless loans. Authorities say the scheme was run by Mahwah real estate mogul Michael Eliasof. He has already pleaded guilty to conspiracy to commit wire fraud. Eliasof used white-collar professionals to sell the properties while bribing public employees to keep poor tenants in substandard housing.

Source: Another Man Pleads Guilty In N.J. Mortgage Scam.

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