Disbarred Lawyer Recently Released After Doing 3 Years For $4M Client Trust Account Ripoff Pinched Again On New Charges In Unrelated Straw Buyer Scam; Latest Case Spurred By Two Alleged Co-Conspirators Turned Stool Pigeons

In Lyndhurst, New Jersey, The Record reports:

• A disbarred attorney from Lyndhurst was arrested [], four months after he was charged in connection with a long-running mortgage-fraud scheme that caused losses of more than $30 million, authorities said.
  
  Michael Rumore, 54, was charged in September with conspiracy to commit bank fraud and money laundering, U.S. Attorney Paul J. Fishman said in a statement.

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• Rumore handled real estate closings, falsely indicating that the buyers were making substantial down payments when they never did, and diverted funds to the co-conspirators, authorities said.
  
  The scheme was aided by a tax preparer and document creator who became one of two cooperating witnesses in the case, authorities said.
  
  The unidentified cooperator also operated several shell companies that were used to create between 75 and 150 bogus tax documents and employment verification forms for the straw buyers, authorities said.
  
  The second cooperator specialized in making phony bank statements, driver’s licenses, permanent resident cards and Social Security cards.
  
  Loan companies funded more than 60 fraudulent mortgages worth more than $30 million, authorities said.
  
  Rumore was initially charged in September along with seven alleged co-conspirators. Another Lyndhurst resident, Klary “Patty” Arcentales, 44, a loan officer at Premier Mortgage Services, was among co-conspirators arrested in September.
  
  Rumore was released in September from South Woods State Prison in Bridgeton, where he served three years after pleading guilty to state charges in an unrelated scheme to steal more than $4 million entrusted to him for real estate closings. Rumore transferred the $4 million to his personal and business accounts and used the money to gamble at casinos in Atlantic City, state officials said.

For the story, see Lyndhurst attorney is arrested in mortgage-fraud scheme.