Industry News

New Jersey man charged in $30 million real estate fraud

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A New Jersey man was charged with conspiracy in connection with an existing $30 million New Jersey mortgage fraud case, media reports said. Albert Rodd of New Jersey was charged with conspiracy in New Jersey federal court as a result of allegations that he manufactured documents in connection with a $30 million alleged mortgage fraud scheme in Bergen County, N.J., according to reports. Last month, three other people, Jamila Davis, Brenda Rickard and Arisma Theodore, were indicted by the Grand Jury in the District of New Jersey, sitting in Newark, in the case. According to that indictment, the three were involved in a scheme where straw buyers purchased multimillion-dollar properties in Bergen County based on inflated appraisals and falsified financial documents. It is now alleged that Rodd engaged in a conspiracy to defraud financial institutions between February 2002 and May 2003, reports said. The indictment said the primary object of the alleged conspiracy was to fraudulently...