Four NJ real estate pros arrested in $5 million fraud case

Four New Jersey housing industry professionals were arrested in New Jersey last week for perpetrating a $5 million mortgage scam.

Real estate investor Victor Santos, builder Arsenio Santos, real estate settlement attorney Fausto Simoes, and mortgage loan officer Raquel Casalinho were charged with conspiracy to commit bank fraud. According to the Department of Justice, between September of 2007 and November of 2008, the four co-conspirators and others fraudulently obtained mortgage loans with a total value of more than $5 million.

This excerpt from Mortgage Professional America.

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