Man admits role in $40.8M mortgage loan fraud - Los Angeles News | FOX 11 LA KTTV

Man admits role in $40.8M mortgage loan fraud

Posted: Updated:
New Jersey News New Jersey News

CAMDEN, N.J. (AP) - Federal prosecutors say a southern New Jersey has admitted his role in a $40.8 million mortgage fraud conspiracy.

Robert Serao faces up to 30 years in prison and a $1 million fine when he's sentenced June 24.

The 48-year-old Berkeley Township resident pleaded guilty Friday to conspiracy to commit wire fraud. Serao admitted using his position as a loan officer of Wells Fargo Home Mortgage to get the company to release more than $4.6 million based on fraudulent mortgage loan applications.

Prosecutors say that while working in various positions at the company, Serao entered into a conspiracy with several others to submit mortgage loans to his employer for financially unqualified "straw buyers."

Serao profited by receiving increased commissions on the mortgage funds.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • New Jersey NewsNew Jersey NewsMore>>

  • Savion Glover, the master teacher

    Savion Glover, the master teacher

    Thursday, August 21 2014 5:26 PM EDT2014-08-21 21:26:05 GMT
    While the rest of us merely march to the beat of our own drum, Savion Glover is the drum. The tap dance superstar has dazzled audiences from the small screen to the big screen from the White House to the Great White Way. More than just a legend, Savion has become a curator of tap. He is on a mission to keep the craft sacred for future generations.
    While the rest of us merely march to the beat of our own drum, Savion Glover is the drum. The tap dance superstar has dazzled audiences from the small screen to the big screen from the White House to the Great White Way. More than just a legend, Savion has become a curator of tap. He is on a mission to keep the craft sacred for future generations.
  • Man sucker punched in knockout attack

    Man sucker punched in knockout attack

    Thursday, August 21 2014 4:00 PM EDT2014-08-21 20:00:46 GMT
    The so-called 'knockout game' where a person punches another unsuspecting person has made its way to Hackensack, N.J. Police say an assailant attacked three people on the same day. Surveillance video shows the athletically built suspect punch a man in the face and stroll away. The man fell to the ground. Two other assaults took place within less than 15 minutes.
    The so-called 'knockout game' where a person punches another unsuspecting person has made its way to Hackensack, N.J. Police say an assailant attacked three people on the same day. Surveillance video shows the athletically built suspect punch a man in the face and stroll away. The man fell to the ground. Two other assaults took place within less than 15 minutes.
  • Clark police respond to 22 reports of burglary from autos this morning

    Clark police respond to 22 reports of burglary from autos this morning

    Thursday, August 21 2014 1:25 PM EDT2014-08-21 17:25:08 GMT
    The Clark Police Department has received 22 reports of burglaries of unlocked cars Thursday morning. Reports were received from residents of Hillcrest Drive, Thomas Drive, Grove Street, Orchard Terrace, Briarheath Lane and Stonehenge Terrace. There are no suspects at this time.
    The Clark Police Department has received 22 reports of burglaries of unlocked cars Thursday morning. Reports were received from residents of Hillcrest Drive, Thomas Drive, Grove Street, Orchard Terrace, Briarheath Lane and Stonehenge Terrace. There are no suspects at this time.
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices